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Is Verbal Acceptance Binding?

  Must a seller honor a written offer he verbally accepted? A seller verbally accepted a written offer for a property. A second, better offer has come from a second buyer. The seller would prefer to get out of any obligations it might have to the first purchaser. Is the seller bound by the first … Continue Reading

Specific Performance vs. Seller

Can a seller terminate a “liquidated damages contract” by… The box in paragraph 18(a,2) of the Real Estate Commission approved contract is checked, so that it is a “liquidated damages contract.” The seller does not want to close. Can the seller simply inform the buyer of its intent to terminate the contract and refund the … Continue Reading

Bounced Earnest Money

If the earnest money bounces, can the seller terminate? A buyer (Buyer #2) submitted an offer for a property on which another buyer (Buyer #1) had already made an offer. Buyer #1 provided a post-dated earnest money check which the Seller knew could not be covered at the time it was tendered. The date on … Continue Reading

Property Inspection Rights

  QUESTION #1: Must a seller provide a disclosure form to its buyers? Must a seller of real property in Colorado provide a completed Real Estate Commission approved Real Property Disclosure form to its buyers? Only if the Real Estate Commission contract form is used. The form’s paragraph 10 requires such a disclosure. Otherwise, the answer … Continue Reading

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