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Although buyers and sellers may be charged a fee for closing, no fee may be charged for preparation of legal documents except by an attorney representing the buyer or seller.
Through the adoption and promulgation of Commission Rule F, it became compulsory for all real estate brokers licensed by the State of Colorado to use Commission approved forms in most of their contracting.
In 1957, the Colorado Bar Association sued to require lawyers' involvement in real estate transactions, but the Colorado Supreme Court ruled in the Conway Bogue decision that real estate licensees could provide the limited legal service of interpreting and completing state-approved forms for buyers and sellers.
An amendment to a listing agreement changes the terms of a current listing agreement. This is common with owners and usually attributed to changing the listing end date, sales price (reduction), cease marketing the property, or any other modification. An amendment is required to be signed by the owner.
The Agreement to Amend/Extend Contract is used to changes the conditions in an accepted contract to purchase. It cannot be used to change the conditions of an offer as an offer has not been accepted.
The Exclusive Right-to-Buy Agreement obligates the buyer to pay the broker if the selling broker cannot be compensated from some other source. The obligation for the seller to pay the broker a commission is a provision which benefits the buyer and is an agreement between the buyer and the seller.
The Colorado real estate commission approved listing forms provides for? The broker to disclose any adverse material facts about the property.
The Agreement to Amend/Extend contract is used to change the conditions of a contract the broker IS NOT a party to such as the Contract to Buy & Sell. The Agreement to Amend/Extend With Broker is to be used for changes to contracts the broker IS A PARTY to such as the the Listing Contract or Buyer Agency Agreement.