|CONTRACT TO BUY AND SELL REAL ESTATE
Over the next several months - we would like to educate and provide information on the Colorado Contract to Buy and Sell - the Purchase contract. We meet with buyers, and find that the Contract is foreign and very overwhelming. Understandably so!! There are 31 sections in the Colorado Purchase Contract- written in legal terms by Colorado real estate attorneys. Our goal is to help in simplifying the Purchase contract, as written. We are not attorneys - nor can we offer legal advice.
The Contract is also categorized into several main "sections"- the first of these being the "Agreement". The "Agreement" portion the contract contains Sections #1-4.
We will work on Sections #1 and #2 in this post and follow along with each section in numerical order.
|Section #1. AGREEMENT.|
The 1st paragraph of the Purchase Contract, below, summarizes the agreement- i.e. , that a buyer or group of buyer's, wants to buy from a seller or group of seller's. When a buyer submits a contract to a seller, the buyer (or the agent ) usually prepares the contract. The phrase from the contract below - "Seller agrees to sell" may be a little misleading. If a seller agrees to the buyer's proposed terms, than the seller can sign and agree to this Contract as originally submitted. If a Seller does not agree to this Contract submitted by a buyer, the seller has the right to counter or reject the buyers offer.