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Buying And Selling Property In Colorado: The Purchase Contract

Big pile of money needed when buying and selling property in Summit County

When buying and selling property in Colorado, most transactions will use the contract approved by the Colorado Real Estate Commission. The Colorado contract to Buy and Sell real estate is 17 pages long and is written to protect the buyer.

Buyer Protections

Once under contract, there are eleven opportunities for the buyer to terminate the contract without losing their earnest money.  These contingencies offer a buyer the time to do their due diligence and ensure they are comfortable with all the extras surrounding the home.  Buyers can review the title documents, the HOA documents, the survey and any other requested docs.  If the property doesn’t appraise there are provisions for that.  There is even an opportunity to make sure there are no issues getting homeowner’s insurance.  Colorado really looks out for the buyer.  It is the agents job to ensure the appropriate actions are taken to protect those outs.  If those opportunities are not protected the buyer can lose their earnest money if they don’t perform.

Seller Obligations

From the seller side of the sale, once the contract is signed, they are obligated to sell.  They don’t have any opportunities to terminate the contract unless the buyer provides those opportunities.  Once a buyer is under contract that property is theirs to buy, or not. If the contract is followed, the buyer can terminate the sale with a valid reason and receive 100% of their earnest money back.  The seller is just stuck with having to put their property back on the market and receives no compensation.

Minimize the Risks

The buyer is most at risk when buying and selling property in Colorado.  If a buyer doesn’t buy, the seller still has a property to sell but if a buyer buys a lemon, they are stuck with it.  The state of Colorado has put together a strong real estate contract to try to ensure the buyer knows what they are getting into before they buy.  As a buyer, it is imperative your rights are looked after and protected.  Those rights shouldn’t be protected by just anyone.  Do what you can to make sure you are working with the right agent. Contact Mountain Living Real Estate today.

Posted in: Buyer Tips, Seller Tips Tagged: Purchase Contract

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About Us

Mountain Living Real Estate, a.k.a. The Mountain Living Team, is a family owned, second generation, real estate company that has been helping buyers and sellers in Summit County since the early 90’s.  Mountain Living Real Estate is committed to going above and beyond to ensure their clients have the most amazing real estate experience possible.  Jason & Meredith take a personal approach to educate their clients, empowering them to make high quality decisions no matter the situation.  They take exceptional care throughout the sales process and beyond; striving to make each client’s path in Summit County one filled with fun, excitement & great memories.

Work with Mountain Living Real Estate and you’ll understand why so many people say, “We Love Mountain Living!”

Testimonials

We were most impressed with their team work and insights. We enjoy working with Jason & Meredith. We trust them and know we can count on them. This is our 6th transaction with Mountain-Living!

David from Evergreen June 16, 2022

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Brad was most impressed with Jason for his honesty. He could think of nothing that he should or could have done to make the transaction better.

Brad from KS May 3, 2022

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Contact Us


Jason and Meredith Adams

Jason & Meredith Adams
Mountain Living Real Estate

101 Main St, #109, PO Box 4115 Frisco, CO 80443

(888) 666-0844
team@mountain-living.com

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Jason & Meredith Adams are both licensed to sell real estate in the state of Colorado

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