When it comes to real estate, every area is a little different. Every state is even more different. States have state specific rules and contracts. As a result, purchasing real estate in Colorado, or even Summit County, may be a different experience for new Colorado home buyers than what you have been used to in other areas.
Broker Relationships
In Colorado there are three types of relationships you can have with your real estate agent; Agency, Transaction Broker or Customer. An Agency relationship requires a contract but just because you have a contract doesn't mean you have an Agency relationship. Read more about Broker Relationships.
Colorado Contracts
The most common contracts used when purchasing Colorado property are the contracts supplied by the Colorado Real Estate Commission. Occasionally a builder or developer will require the use of their own contract. The builder's attorney generally draws up those contracts and, as a result, they are very one sided toward the Seller. The Colorado Real Estate Commission contracts are much more friendly to Buyers. They offer multiple opportunities for a buyer to do their due diligence and terminate the purchase contract if something unsatisfactory turns up. The buyer can still have their earnest money returned to them as long as they abide by the provisions in the contract. The seller does not have the option to terminate. They are locked in as soon as the Colorado Real Estate Commission contract is signed.
Attorneys
Sellers and buyers do not often use attorneys for a standard real estate transaction in Colorado. Attorneys are recommended but are not required. Instead title companies are utilized for closing tasks. The title company generally holds the earnest money, distributes closing figures, acquires signatures and disperses funds.
Electronic Signatures and Long Distance Transactions
As far as signing contracts goes, electronic signatures are allowed on all documents except the closing documents. Original signatures are required on those. What this means for you is that you can sign everything up to closing on your phone, tablet or computer. If you cannot sign the closing documents in person, the title company will express mail them out for you to sign and return. The entire transaction can be handled from afar. With that said, we do need to look at some things in person. We are here locally to handle those items on your behalf and will show you whatever it is that needs to be seen. We can describe it on the phone, photo it, video or video chat. You won't feel you're making blind decisions or without knowing everything there is to know, whether you are here or not.
Typical Costs
What buyer or seller typically pay for can vary from area to area even within Colorado. An experienced agent will let you know what is typical for the area and you can decide how you would like to handle it. Sellers pay the commissions for all real estate agents, they also pay for surveys and title insurance (in our area).
As a buyer or seller in a Colorado transaction, Mountain Living Real Estate is fully equipped and prepared to cater to your needs whether you are right around the block or across the world.
