Effective July 1, 2009,the Colorado Real Estate Commission (CREC) has mandated changes in quite a few of our contracts.
Other important changes are:
The Contract to Buy and Sell Real Estate, Exclusive Right to Buy, and the Exclusive Right to Sell. These form have been changed and will have to be used July 1 and after. Fortunately, it won't be necessary to rewrite documents that were effective prior to July 1, 2009. But, anything after that date will have to be on the new forms.
One exception: Seller's Property Disclosures. All Seller's Property Disclosures need to be on the new forms, regardless of when they were originally written.
- Carbon Monoxide Detectors.It is the responsibility of all sellers to provide carbon monoxide detectors prior to the sale closing on their home.
- Foreclosure Properties. The state has defined foreclosure properties to be any property where the mortgage payment is 31 days past due. And that any investor purchase or equity buyer can not use a Colorado license broker to write the transaction. It must be written by an attorney. This has a dynamic and far reaching effect for those of us in the business.
The Real Estate Commission in Colorado is constantly reviewing and rewriting our contracts. In an ever increasing effort to protect the consumer. It is our responsibility to keep abreast of all changes.
Marianne Snygg, GRI, ABR, ASP
ERA Herman Group Real Estate
Colorado Springs and Monument Real Estate