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Mediation & Contract to Buy and Sell Real Estate

Co-Author: Jon Goodman Question: How does the mediation process work? Response:     Section 21 of the Real Estate Commission-approved Contract to Buy and Sell Real Estate (Residential) (CBS 2-7-04) provides, in part, as follows: “If a dispute arises relating to this contract, prior to or after Closing, and is not resolved, the parties shall first proceed … Continue Reading

Gambling on Loan Commitments

  The new financing contingency in the Real Estate Commission-approved contract is §5b and reads as follows: “Loan Commitment. If Buyer is to pay all or part of the Purchase Price by obtaining a new loan as specified in §4b, this contract is conditional upon Buyer obtaining a written loan commitment including, if required, (i) … 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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