The Colorado Termite Report Provision for Contract for the Sale and Purchase of Real Property is a critical provision that outlines the requirements and expectations regarding termite inspections and reports in the state of Colorado. This provision is included in contracts for the sale and purchase of real property to protect both the buyer and seller from potential termite infestations or damage. The Colorado Termite Report Provision is designed to ensure that the buyer has the opportunity to assess the condition of the property in regard to termite activity and damage. This provision typically requires the seller to provide a termite inspection report to the buyer within a specified timeframe, typically within 10 days of the contract's execution. The termite inspection report must be prepared by a licensed pest control professional or a certified termite inspector. It should detail the findings of the inspection, including any evidence of termite activity, damage, or potential infestation risks. If termites are detected, the report should also outline recommendations for treatment and repairs, as well as estimated costs. In certain cases, there may be additional types of Termite Report Provisions applicable in Colorado based on specific circumstances. These provisions can include: 1. Termite Damage Disclosure Provision: This provision aims to outline the seller's responsibility in disclosing any known termite damage or infestations to the buyer before the contract is finalized. It ensures transparency during the transaction, allowing buyers to make informed decisions. 2. Termite Remediation Provision: This provision addresses the remediation process if termites are discovered during the inspection. It specifies the responsibilities of both the buyer and seller regarding treatment and repairs. It may also mention who will bear the associated costs. 3. Termite Warranty Provision: This optional provision stipulates if the seller is providing the buyer with a termite warranty or protection plan, ensuring that any future termite damage or infestations are covered for a specified period. This can provide buyers with peace of mind and financial security in case of termite-related issues after the purchase. In summary, the Colorado Termite Report Provision for the Sale and Purchase of Real Property is a vital component of the contract to safeguard the interests of both buyers and sellers. It ensures transparency, allows for informed decision-making, and addresses any potential termite issues that may arise during or after the transaction.
Colorado Termite Report Provision for Contract for the Sale and Purchase of Real Property
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(f) A broker may omit part or all of the following provisions of the Contract to Buy and Sell Real Estate, or corresponding provisions in other Commission-approved forms, if such provisions do not apply to the transaction.
Colorado's Disclosure Laws. Colorado state statutes require that sellers of residential property disclose the following to buyers: That the property might be in a special taxing district, and where the buyer can go to find out whether the property is, in fact, within such a district.
Which of the following is correct according to the Colorado Real Estate Commission Position Statement regarding Rule F? Brokers may not add exculpatory language limiting their liability to any contract to which they are not a party such as the Contract to Buy and Sell.
In Colorado, sellers have a duty to disclose information the buyer would find of significant importance about the property. This information is a material fact. Sellers are also supposed to reveal issues that could negatively affect the property's value. This is an adverse material fact.
If rejected, the seller can counter the offer. Both parties can count as many times as they want until they sign a mutual agreement or one party stops responding.
A broker listed and sold a property where the seller gave the buyer $5,000 in concessions. The Broker should do all of the following Except? Notify the title company or Real Estate Commission.
If you're considering purchasing or selling a resale home (meaning an existing home rather than a new build home) in Colorado, the agreement under which you might purchase or sell the property is the Colorado Real Estate Commission's (CREC) Contract to Buy and Sell Real Estate (Residential).
Purchase Agreement A purchase agreement (also called a sales contract) is a binding contract between two parties (property buyer and property seller) to transfer a particular property. This contract specifies the details regarding the sale of a property.
Updated January 08, 2022. A Colorado buyer agency agreement defines the relationship between an agent and an individual who is in the market to purchase real estate. The agreement will be drafted after the agent agrees to work with a client to help them find a property to purchase.
In Colorado, who of the following is exempt from real estate license law? Investor who owns 12 investment properties and sells one to an owner-occupant. Inactive licensee assisting friends in filling out purchase offers and negotiating deals.
