Colorado Contract Real Residential Form – Fill Out and Use This PDF

1The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission.

2(CBS1-5-19) (Mandatory 7-19)

3

4THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR

5OTHER COUNSEL BEFORE SIGNING.

6
7	CONTRACT TO BUY AND SELL REAL ESTATE
8	(RESIDENTIAL)
9
10	Date:

121. AGREEMENT. Buyer agrees to buy and Seller agrees to sell the Property described below on the terms and conditions set

13forth in this contract (Contract).

142. PARTIES AND PROPERTY.

15	2.1.	Buyer.						(Buyer) will take title
16	to the Property described below as			Joint Tenants	Tenants In Common	Other			.

172.2. No Assignability. This Contract IS NOT assignable by Buyer unless otherwise specified in Additional Provisions.

18

2.3.

Seller.

(Seller) is the current

19owner of the Property described below.

20	2.4.	Property. The Property is the following legally described real estate in the County of					, Colorado:
21
22
23
24
25
26	known as No.								,
27			Street Address	City	State		Zip

28together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto and all interest of

29Seller in vacated streets and alleys adjacent thereto, except as herein excluded (Property).

302.5. Inclusions. The Purchase Price includes the following items (Inclusions):

31	2.5.1. Inclusions – Attached. If attached to the Property on the date of this Contract, the following items are

32included unless excluded under Exclusions: lighting, heating, plumbing, ventilating and air conditioning units, TV antennas, inside

33telephone, network and coaxial (cable) wiring and connecting blocks/jacks, plants, mirrors, floor coverings, intercom systems, built-

34in kitchen appliances, sprinkler systems and controls, built-in vacuum systems (including accessories) and garage door openers

35(including _______ remote controls). If checked, the following are owned by the Seller and included (leased items should be listed

36 under Due Diligence Documents): None Solar Panels Water Softeners Security Systems Satellite Systems

37(including satellite dishes). If any additional items are attached to the Property after the date of this Contract, such additional items

38are also included in the Purchase Price.

39	2.5.2. Inclusions – Not Attached. If on the Property, whether attached or not, on the date of this Contract, the

40following items are included unless excluded under Exclusions: storm windows, storm doors, window and porch shades, awnings,

41blinds, screens, window coverings and treatments, curtain rods, drapery rods, fireplace inserts, fireplace screens, fireplace grates,

42heating stoves, storage sheds, carbon monoxide alarms, smoke/fire detectors and all keys.

43	2.5.3. Personal Property – Conveyance. Any personal property must be conveyed at Closing by Seller free and
44	clear of all taxes (except personal property taxes for the year of Closing), liens and encumbrances, except		.

45Conveyance of all personal property will be by bill of sale or other applicable legal instrument.

46	2.5.4. Other Inclusions. The following items, whether fixtures or personal property, are also included in the
47	Purchase Price:
48
49
50
51
52	If the box is checked, Buyer and Seller have concurrently entered into a separate agreement for additional personal

53property outside of this Contract.

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 1 of 18

54	2.5.5. Parking and Storage Facilities. The use or ownership of the following parking facilities:
55		; and the use or ownership of the following storage facilities:		.

56Note to Buyer: If exact rights to the parking and storage facilities is a concern to Buyer, Buyer should investigate.

572.6. Exclusions. The following items are excluded (Exclusions):

58

59

60

612.7. Water Rights/Well Rights.

62	2.7.1.	Deeded Water Rights. The following legally described water rights:
63
64
65
66	Any deeded water rights will be conveyed by a good and sufficient			deed at Closing.
67	2.7.2.	Other Rights Relating to Water. The following rights relating to water not included in §§ 2.7.1, 2.7.3 and

682.7.4, will be transferred to Buyer at Closing:

72	2.7.3. Well Rights. Seller agrees to supply required information to Buyer about the well. Buyer understands that if

73the well to be transferred is a “Small Capacity Well” or a “Domestic Exempt Water Well” used for ordinary household purposes,

74Buyer must, prior to or at Closing, complete a Change in Ownership form for the well. If an existing well has not been registered

75with the Colorado Division of Water Resources in the Department of Natural Resources (Division), Buyer must complete a

76registration of existing well form for the well and pay the cost of registration. If no person will be providing a closing service in

77connection with the transaction, Buyer must file the form with the Division within sixty days after Closing. The Well Permit # is

78		.
79	2.7.4.	Water Stock Certificates. The water stock certificates to be transferred at Closing are as follows:
80
81
82
83	2.7.5.	Conveyance. If Buyer is to receive any rights to water pursuant to § 2.7.2 (Other Rights Relating to Water),

84§ 2.7.3 (Well Rights), or § 2.7.4 (Water Stock Certificates), Seller agrees to convey such rights to Buyer by executing the applicable

85legal instrument at Closing.

863. DATES, DEADLINES AND APPLICABILITY.

873.1. Dates and Deadlines.

Item No.	Reference	Event	Date or Deadline
1	§ 4.3	Alternative Earnest Money Deadline
		Title
2	§ 8.1, §	Record Title Deadline
	8.4
3	§ 8.2, §	Record Title Objection Deadline
	8.4
4	§ 8.3	Off-Record Title Deadline
5	§ 8.3	Off-Record Title Objection Deadline
6	§ 8.5	Title Resolution Deadline
7	§ 8.6	Right of First Refusal Deadline
		Owners’ Association
8	§ 7.2	Association Documents Deadline
9	§ 7.4	Association Documents Termination Deadline
		Seller’s Disclosures
10	§ 10.1	Seller’s Property Disclosure Deadline
11	§ 10.10	Lead-Based Paint Disclosure Deadline
		Loan and Credit
12	§ 5.1	New Loan Application Deadline
13	§ 5.2	New Loan Termination Deadline
14	§ 5.3	Buyer’s Credit Information Deadline
15	§ 5.3	Disapproval of Buyer’s Credit Information Deadline

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 2 of 18

16	§ 5.4	Existing Loan Deadline
17	§ 5.4	Existing Loan Termination Deadline
18	§ 5.4	Loan Transfer Approval Deadline
19	§ 4.7	Seller or Private Financing Deadline
		Appraisal
20	§ 6.2	Appraisal Deadline
21	§ 6.2	Appraisal Objection Deadline
22	§ 6.2	Appraisal Resolution Deadline
		Survey
23	§ 9.1	New ILC or New Survey Deadline
24	§ 9.3	New ILC or New Survey Objection Deadline
25	§ 9.3	New ILC or New Survey Resolution Deadline
		Inspection and Due Diligence
26	§ 10.3	Inspection Objection Deadline
27	§ 10.3	Inspection Termination Deadline
28	§ 10.3	Inspection Resolution Deadline
29	§ 10.5	Property Insurance Termination Deadline
30	§ 10.6	Due Diligence Documents Delivery Deadline
31	§ 10.6	Due Diligence Documents Objection Deadline
32	§ 10.6	Due Diligence Documents Resolution Deadline
33	§ 10.7	Conditional Sale Deadline
34	§ 10.10	Lead-Based Paint Termination Deadline
		Closing and Possession
35	§ 12.3	Closing Date
36	§ 17	Possession Date
37	§ 17	Possession Time
38	§ 28	Acceptance Deadline Date
39	§ 28	Acceptance Deadline Time

88Note: If FHA or VA loan boxes are checked in § 4.5.3 (Loan Limitations), the Appraisal deadlines DO NOT apply to FHA insured

89or VA guaranteed loans.

903.2. Applicability of Terms. Any box checked in this Contract means the corresponding provision applies. If any deadline

91blank in § 3.1 (Dates and Deadlines) is left blank or completed with the abbreviation “N/A”, or the word “Deleted,” such deadline

92is not applicable and the corresponding provision containing the deadline is deleted. If no box is checked in a provision that contains

93a selection of “None”, such provision means that “None” applies.

94The abbreviation “MEC” (mutual execution of this Contract) means the date upon which both parties have signed this Contract.

954. PURCHASE PRICE AND TERMS.

964.1. Price and Terms. The Purchase Price set forth below is payable in U.S. Dollars by Buyer as follows:

Item No.	Reference	Item		Amount			Amount
1	§ 4.1	Purchase Price	$
2	§ 4.3	Earnest Money			$
3	§ 4.5	New Loan			$
4	§ 4.6	Assumption Balance			$
5	§ 4.7	Private Financing			$
6	§ 4.7	Seller Financing			$
7
8
9	§ 4.4	Cash at Closing			$
10		TOTAL	$		$

974.2. Seller Concession. At Closing, Seller will credit to Buyer $______________ (Seller Concession). The Seller

98Concession may be used for any Buyer fee, cost, charge or expenditure to the extent the amount is allowed by the Buyer’s lender

99and is included in the Closing Statement or Closing Disclosure at Closing. Examples of allowable items to be paid for by the Seller

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 3 of 18

100Concession include, but are not limited to: Buyer’s closing costs, loan discount points, loan origination fees, prepaid items and any

101other fee, cost, charge, expense or expenditure. Seller Concession is in addition to any sum Seller has agreed to pay or credit Buyer

102elsewhere in this Contract.

1034.3. Earnest Money. The Earnest Money set forth in this Section, in the form of a ______________________, will be

104payable to and held by ________________________________________ (Earnest Money Holder), in its trust account, on behalf of

105both Seller and Buyer. The Earnest Money deposit must be tendered, by Buyer, with this Contract unless the parties mutually agree

106to an Alternative Earnest Money Deadline for its payment. The parties authorize delivery of the Earnest Money deposit to the

107company conducting the Closing (Closing Company), if any, at or before Closing. In the event Earnest Money Holder has agreed to

108have interest on Earnest Money deposits transferred to a fund established for the purpose of providing affordable housing to Colorado

109residents, Seller and Buyer acknowledge and agree that any interest accruing on the Earnest Money deposited with the Earnest

110Money Holder in this transaction will be transferred to such fund.

111	4.3.1. Alternative Earnest Money Deadline. The deadline for delivering the Earnest Money, if other than at the

112time of tender of this Contract, is as set forth as the Alternative Earnest Money Deadline.

113	4.3.2. Return of Earnest Money. If Buyer has a Right to Terminate and timely terminates, Buyer is entitled to the

114return of Earnest Money as provided in this Contract. If this Contract is terminated as set forth in § 25 and, except as provided in

115§ 24 (Earnest Money Dispute), if the Earnest Money has not already been returned following receipt of a Notice to Terminate, Seller

116agrees to execute and return to Buyer or Broker working with Buyer, written mutual instructions (e.g., Earnest Money Release form),

117within three days of Seller’s receipt of such form.

1184.4. Form of Funds; Time of Payment; Available Funds.

119	4.4.1. Good Funds. All amounts payable by the parties at Closing, including any loan proceeds, Cash at Closing

120and closing costs, must be in funds that comply with all applicable Colorado laws, including electronic transfer funds, certified

121check, savings and loan teller’s check and cashier’s check (Good Funds).

122	4.4.2. Time of Payment; Available Funds. All funds, including the Purchase Price to be paid by Buyer, must be

123paid before or at Closing or as otherwise agreed in writing between the parties to allow disbursement by Closing Company at Closing

124	OR SUCH NONPAYING PARTY WILL BE IN DEFAULT. Buyer represents that Buyer, as of the date of this Contract, Does
125	Does Not have funds that are immediately verifiable and available in an amount not less than the amount stated as Cash at Closing

126in § 4.1.

1274.5. New Loan.

128	4.5.1. Buyer to Pay Loan Costs. Buyer, except as otherwise permitted in § 4.2 (Seller Concession), if applicable,

129must timely pay Buyer’s loan costs, loan discount points, prepaid items and loan origination fees as required by lender.

130	4.5.2. Buyer May Select Financing. Buyer may pay in cash or select financing appropriate and acceptable to

131Buyer, including a different loan than initially sought, except as restricted in § 4.5.3 (Loan Limitations) or § 30 (Additional

132Provisions).

133	4.5.3. Loan Limitations. Buyer may purchase the Property using any of the following types of loans:
134	Conventional	FHA	VA	Bond	Other	.
135	4.5.4.	Loan Estimate – Monthly Payment				and Loan Costs. Buyer is advised to review the terms, conditions and

136costs of Buyer’s New Loan carefully. If Buyer is applying for a residential loan, the lender generally must provide Buyer with a

137Loan Estimate within three days after Buyer completes a loan application. Buyer also should obtain an estimate of the amount of

138Buyer’s monthly mortgage payment.

1394.6. Assumption. Buyer agrees to assume and pay an existing loan in the approximate amount of the Assumption Balance

140set forth in § 4.1 (Price and Terms), presently payable at $______________ per ________________ including principal and interest

141	presently at the rate of ________% per annum and also including escrow for the following as indicated:			Real Estate Taxes
142	Property Insurance Premium	Mortgage Insurance Premium and			.

143Buyer agrees to pay a loan transfer fee not to exceed $_____________. At the time of assumption, the new interest rate will

144not exceed ________% per annum and the new payment will not exceed $_____________ per ________________ principal and

145interest, plus escrow, if any. If the actual principal balance of the existing loan at Closing is less than the Assumption Balance, which

146causes the amount of cash required from Buyer at Closing to be increased by more than $_____________, or if any other terms or

147provisions of the loan change, Buyer has the Right to Terminate under § 25.1 on or before Closing Date.

148	Seller	Will	Will Not be released from liability on said loan. If applicable, compliance with the requirements for release
149	from liability will be evidenced by delivery			on or before Loan Transfer Approval Deadline		at Closing of an appropriate
150	letter of commitment from lender. Any cost payable for release of liability will be paid by						in an amount

151not to exceed $_____________.

1524.7. Seller or Private Financing.

153WARNING: Unless the transaction is exempt, federal and state laws impose licensing, other requirements and restrictions on sellers

154and private financiers. Contract provisions on financing and financing documents, unless exempt, should be prepared by a licensed

155Colorado attorney or licensed mortgage loan originator. Brokers should not prepare or advise the parties on the specifics of financing,

156including whether or not a party is exempt from the law.

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 4 of 18

157

4.7.1.

Seller Financing. If Buyer is to pay all or any portion of the Purchase Price with Seller financing,

Buyer

158 Seller will deliver the proposed Seller financing documents to the other party on or before _________ days before Seller or

159Private Financing Deadline.

160

4.7.1.1.

Seller May Terminate. If Seller is to provide Seller financing, this Contract is conditional upon

161Seller determining whether such financing is satisfactory to the Seller, including its payments, interest rate, terms, conditions, cost

162and compliance with the law. Seller has the Right to Terminate under § 25.1, on or before Seller or Private Financing Deadline, if

163such Seller financing is not satisfactory to Seller, in Seller’s sole subjective discretion.

164	4.7.2. Buyer May Terminate. If Buyer is to pay all or any portion of the Purchase Price with Seller or private

165financing, this Contract is conditional upon Buyer determining whether such financing is satisfactory to Buyer, including its

166availability, payments, interest rate, terms, conditions and cost. Buyer has the Right to Terminate under § 25.1, on or before Seller

167or Private Financing Deadline, if such Seller or private financing is not satisfactory to Buyer, in Buyer’s sole subjective discretion.

1695. FINANCING CONDITIONS AND OBLIGATIONS.

1705.1. New Loan Application. If Buyer is to pay all or part of the Purchase Price by obtaining one or more new loans (New

171Loan), or if an existing loan is not to be released at Closing, Buyer, if required by such lender, must make an application verifiable

172by such lender, on or before New Loan Application Deadline and exercise reasonable efforts to obtain such loan or approval.

1735.2. New Loan Review. If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract is conditional

174upon Buyer determining, in Buyer’s sole subjective discretion, whether the New Loan is satisfactory to Buyer, including its

175availability, payments, interest rate, terms, conditions and cost. This condition is for the sole benefit of Buyer. Buyer has the Right

176to Terminate under § 25.1, on or before New Loan Termination Deadline, if the New Loan is not satisfactory to Buyer, in Buyer’s

177sole subjective discretion. Buyer does not have a Right to Terminate based on the New Loan if the objection is based on the Appraised

178Value (defined below) or the Lender Requirements (defined below). IF SELLER IS NOT IN DEFAULT AND DOES NOT

179TIMELY RECEIVE BUYER’S WRITTEN NOTICE TO TERMINATE, BUYER’S EARNEST MONEY WILL BE

180NONREFUNDABLE, except as otherwise provided in this Contract (e.g., Appraisal, Title, Survey).

1815.3. Credit Information. If an existing loan is not to be released at Closing, this Contract is conditional (for the sole benefit

182of Seller) upon Seller’s approval of Buyer’s financial ability and creditworthiness, which approval will be in Seller’s sole subjective

183discretion. Accordingly: (1) Buyer must supply to Seller by Buyer’s Credit Information Deadline, at Buyer’s expense, information

184and documents (including a current credit report) concerning Buyer’s financial, employment and credit condition; (2) Buyer consents

185that Seller may verify Buyer’s financial ability and creditworthiness; and (3) any such information and documents received by Seller

186must be held by Seller in confidence and not released to others except to protect Seller’s interest in this transaction. If the Cash at

187Closing is less than as set forth in § 4.1 of this Contract, Seller has the Right to Terminate under § 25.1, on or before Closing. If

188Seller disapproves of Buyer’s financial ability or creditworthiness, in Seller’s sole subjective discretion, Seller has the Right to

189Terminate under § 25.1, on or before Disapproval of Buyer’s Credit Information Deadline.

1905.4. Existing Loan Review. If an existing loan is not to be released at Closing, Seller must deliver copies of the loan

191documents (including note, deed of trust and any modifications) to Buyer by Existing Loan Deadline. For the sole benefit of Buyer,

192this Contract is conditional upon Buyer’s review and approval of the provisions of such loan documents. Buyer has the Right to

193Terminate under § 25.1, on or before Existing Loan Termination Deadline, based on any unsatisfactory provision of such loan

194documents, in Buyer’s sole subjective discretion. If the lender’s approval of a transfer of the Property is required, this Contract is

195conditional upon Buyer obtaining such approval without change in the terms of such loan, except as set forth in § 4.6. If lender’s

196approval is not obtained by Loan Transfer Approval Deadline, this Contract will terminate on such deadline. Seller has the Right

197to Terminate under § 25.1, on or before Closing, in Seller’s sole subjective discretion, if Seller is to be released from liability under

198such existing loan and Buyer does not obtain such compliance as set forth in § 4.6.

1996. APPRAISAL PROVISIONS.

2006.1. Appraisal Definition. An “Appraisal” is an opinion of value prepared by a licensed or certified appraiser, engaged on

201behalf of Buyer or Buyer’s lender, to determine the Property’s market value (Appraised Value). The Appraisal may also set forth

202certain lender requirements, replacements, removals or repairs necessary on or to the Property as a condition for the Property to be

203valued at the Appraised Value.

2046.2. Appraisal Condition. The applicable appraisal provision set forth below applies to the respective loan type set forth

205in § 4.5.3, or if a cash transaction (i.e. no financing), § 6.2.1 applies.

206	6.2.1. Conventional/Other. Buyer has the right to obtain an Appraisal. If the Appraised Value is less than the

207Purchase Price, or if the Appraisal is not received by Buyer on or before Appraisal Deadline Buyer may, on or before Appraisal

208Objection Deadline:

209	6.2.1.1. Notice to Terminate. Notify Seller in writing, pursuant to § 25.1, that this Contract is terminated;

210or

211	6.2.1.2. Appraisal Objection. Deliver to Seller a written objection accompanied by either a copy of the

212Appraisal or written notice from lender that confirms the Appraised Value is less than the Purchase Price (Lender Verification).

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 5 of 18

213	6.2.1.3. Appraisal Resolution. If an Appraisal Objection is received by Seller, on or before Appraisal

214Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Appraisal Resolution

215Deadline, this Contract will terminate on the Appraisal Resolution Deadline, unless Seller receives Buyer’s written withdrawal of

216the Appraisal Objection before such termination, i.e., on or before expiration of Appraisal Resolution Deadline.

217

6.2.2.

FHA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the purchaser (Buyer)

218shall not be obligated to complete the purchase of the Property described herein or to incur any penalty by forfeiture of Ear nest

219Money deposits or otherwise unless the purchaser (Buyer) has been given, in accordance with HUD/FHA or VA requirements, a

220written statement issued by the Federal Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement lender,

221setting forth the appraised value of the Property of not less than $______________. The purchaser (Buyer) shall have the privilege

222and option of proceeding with the consummation of this Contract without regard to the amount of the appraised valuation. The

223appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will

224insure. HUD does not warrant the value nor the condition of the Property. The purchaser (Buyer) should satisfy himself/herself that

225the price and condition of the Property are acceptable.

226

6.2.3.

VA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the purchaser (Buyer)

227shall not incur any penalty by forfeiture of Earnest Money or otherwise or be obligated to complete the purchase of the Property

228described herein, if the Contract Purchase Price or cost exceeds the reasonable value of the Property established by the Department

229of Veterans Affairs. The purchaser (Buyer) shall, however, have the privilege and option of proceeding with the consummation of

230this Contract without regard to the amount of the reasonable value established by the Department of Veterans Affairs.

2316.3. Lender Property Requirements. If the lender imposes any written requirements, replacements, removals or repairs,

232including any specified in the Appraisal (Lender Requirements) to be made to the Property (e.g., roof repair, repainting), beyond

233those matters already agreed to by Seller in this Contract, this Contract terminates on the earlier of three days following Seller’s

234receipt of the Lender Requirements, or Closing, unless prior to termination: (1) the parties enter into a written agreement to satisfy

235the Lender Requirements; (2) the Lender Requirements have been completed; or (3) the satisfaction of the Lender Requirements is

236waived in writing by Buyer.

237	6.4.	Cost of Appraisal. Cost of the Appraisal to be obtained after the date of this Contract must be timely paid by	Buyer
238	Seller.	The cost of the Appraisal may include any and all fees paid to the appraiser, appraisal management company, lender’s

239agent or all three.

2407. OWNERS’ ASSOCIATION. This Section is applicable if the Property is located within a Common Interest Community and

241subject to the declaration (Association).

2427.1. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A COMMON

243INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR THE COMMUNITY. THE OWNER OF

244THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS’ ASSOCIATION FOR THE

245COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE

246ASSOCIATION. THE DECLARATION, BYLAWS AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL

247OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY ASSESSMENTS

248OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION COULD

249PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATION, BYLAWS

250AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING

251CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A

252COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION. PURCHASERS OF

253PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL

254OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ THE

255DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE

256ASSOCIATION.

2577.2. Association Documents to Buyer. Seller is obligated to provide to Buyer the Association Documents (defined below),

258at Seller’s expense, on or before Association Documents Deadline. Seller authorizes the Association to provide the Association

259Documents to Buyer, at Seller’s expense. Seller’s obligation to provide the Association Documents is fulfilled upon Buyer’s receipt

260of the Association Documents, regardless of who provides such documents.

2617.3. Association Documents. Association documents (Association Documents) consist of the following:

262

7.3.1.

All Association declarations, articles of incorporation, bylaws, articles of organization, operating agreements,

263rules and regulations, party wall agreements and the Association’s responsible governance policies adopted under § 38-33.3-209.5,

264C.R.S.;

265	7.3.2. Minutes of: (1) the annual owners’ or members’ meeting and (2) any executive boards’ or managers’ meetings;

266such minutes include those provided under the most current annual disclosure required under § 38-33.3-209.4, C.R.S. (Annual

267Disclosure) and minutes of meetings, if any, subsequent to the minutes disclosed in the Annual Disclosure. If none of the preceding

268minutes exist, then the most recent minutes, if any (§§ 7.3.1 and 7.3.2, collectively, Governing Documents); and

269

7.3.3.

List of all Association insurance policies as provided in the Association’s last Annual Disclosure, including,

270but not limited to, property, general liability, association director and officer professional liability and fidelity policies. The list must

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 6 of 18

271include the company names, policy limits, policy deductibles, additional named insureds and expiration dates of the policies listed

272(Association Insurance Documents);

273

7.3.4.

A list by unit type of the Association’s assessments, including both regular and special assessments as

274disclosed in the Association’s last Annual Disclosure;

275	7.3.5. The Association’s most recent financial documents which consist of: (1) the Association’s operating budget

276for the current fiscal year, (2) the Association’s most recent annual financial statements, including any amounts held in reserve for

277the fiscal year immediately preceding the Association’s last Annual Disclosure, (3) the results of the Association’s most recent

278available financial audit or review, (4) list of the fees and charges (regardless of name of title of such fees or charges) that the

279Association’s community association manager or Association will charge in connection with the Closing including, but not limited

280to, any fee incident to the issuance of the Association’s statement of assessments (Status Letter), any rush or update fee charged for

281the Status Letter, any record change fee or ownership record transfer fees (Record Change Fee), fees to access documents, (5) list of

282all assessments required to be paid in advance, reserves or working capital due at Closing and (6) reserve study, if any (§§ 7.3.4 and

2837.3.5, collectively, Financial Documents);

284	7.3.6. Any written notice from the Association to Seller of a “construction defect action” under § 38-33.3-303.5,

285C.R.S. within the past six months and the result of whether the Association approved or disapproved such action (Construction

286Defect Documents). Nothing in this Section limits the Seller’s obligation to disclose adverse material facts as required under § 10.2

287(Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition) including any problems or defects in the common

288elements or limited common elements of the Association property.

2897.4. Conditional on Buyer’s Review. Buyer has the right to review the Association Documents. Buyer has the Right to

290Terminate under § 25.1, on or before Association Documents Termination Deadline, based on any unsatisfactory provision in any

291of the Association Documents, in Buyer’s sole subjective discretion. Should Buyer receive the Association Documents after

292Association Documents Deadline, Buyer, at Buyer’s option, has the Right to Terminate under § 25.1 by Buyer’s Notice to

293Terminate received by Seller on or before ten days after Buyer’s receipt of the Association Documents. If Buyer does not receive

294the Association Documents, or if Buyer’s Notice to Terminate would otherwise be required to be received by Seller after Closing

295Date, Buyer’s Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer ’s Notice to

296Terminate within such time, Buyer accepts the provisions of the Association Documents as satisfactory and Buyer waives any Right

297to Terminate under this provision, notwithstanding the provisions of § 8.6 (Right of First Refusal or Contract Approval).

2988. TITLE INSURANCE, RECORD TITLE AND OFF-RECORD TITLE.

2998.1. Evidence of Record Title.

300	8.1.1. Seller Selects Title Insurance Company. If this box is checked, Seller will select the title insurance

301company to furnish the owner’s title insurance policy at Seller’s expense. On or before Record Title Deadline, Seller must furnish

302to Buyer, a current commitment for an owner’s title insurance policy (Title Commitment), in an amount equal to the Purchase Price,

303

or if this box is checked,

an Abstract of Title certified to a current date. Seller will cause the title insurance policy to be issued

304and delivered to Buyer as soon as practicable at or after Closing.

305	8.1.2. Buyer Selects Title Insurance Company. If this box is checked, Buyer will select the title insurance

306company to furnish the owner’s title insurance policy at Buyer’s expense. On or before Record Title Deadline, Buyer must furnish to

307Seller, a current commitment for owner’s title insurance policy (Title Commitment), in an amount equal to the Purchase Price.

308If neither box in § 8.1.1 or § 8.1.2 is checked, § 8.1.1 applies.

309

8.1.3. Owner’s Extended Coverage (OEC). The Title Commitment

Will

Will Not contain Owner’s

310Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or insure over the standard

311exceptions which relate to: (1) parties in possession, (2) unrecorded easements, (3) survey matters, (4) unrecorded mechanics’ liens,

312(5) gap period (period between the effective date and time of commitment to the date and time the deed is recorded) and (6) unpaid

313taxes, assessments and unredeemed tax sales prior to the year of Closing. Any additional premium expense to obtain OEC will be

314paid by Buyer Seller One-Half by Buyer and One-Half by Seller Other__________________________.

315Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or delete or insure over

316any or all of the standard exceptions for OEC. The Title Insurance Company may require a New Survey or New ILC, defined below,

317among other requirements for OEC. If the Title Insurance Commitment is not satisfactory to Buyer, Buyer has a right to object under

318§ 8.5 (Right to Object to Title, Resolution).

319	8.1.4. Title Documents. Title Documents consist of the following: (1) copies of any plats, declarations, covenants,

320conditions and restrictions burdening the Property and (2) copies of any other documents (or, if illegible, summaries of such

321documents) listed in the schedule of exceptions (Exceptions) in the Title Commitment furnished to Buyer (collectively, Title

322Documents).

323	8.1.5. Copies of Title Documents. Buyer must receive, on or before Record Title Deadline, copies of all Title

324Documents. This requirement pertains only to documents as shown of record in the office of the clerk and recorder in the county

325where the Property is located. The cost of furnishing copies of the documents required in this Section will be at the expense of the

326party or parties obligated to pay for the owner’s title insurance policy.

327	8.1.6. Existing Abstracts of Title. Seller must deliver to Buyer copies of any abstracts of title covering all or any

328portion of the Property (Abstract of Title) in Seller’s possession on or before Record Title Deadline.

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 7 of 18

3298.2. Record Title. Buyer has the right to review and object to the Abstract of Title or Title Commitment and any of the

330Title Documents as set forth in § 8.5 (Right to Object to Title, Resolution) on or before Record Title Objection Deadline. Buyer’s

331objection may be based on any unsatisfactory form or content of Title Commitment or Abstract of Title, notwithstanding § 13, or

332any other unsatisfactory title condition, in Buyer’s sole subjective discretion. If the Abstract of Title, Title Commitment or Title

333Documents are not received by Buyer on or before the Record Title Deadline, or if there is an endorsement to the Title Commitment

334that adds a new Exception to title, a copy of the new Exception to title and the modified Title Commitment will be delivered to

335Buyer. Buyer has until the earlier of Closing or ten days after receipt of such documents by Buyer to review and object to: (1) any

336required Title Document not timely received by Buyer, (2) any change to the Abstract of Title, Title Commitment or Title Documents,

337or (3) any endorsement to the Title Commitment. If Seller receives Buyer’s Notice to Terminate or Notice of Title Objection,

338pursuant to this § 8.2 (Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.5 (Right to Object to

339Title, Resolution). If Seller has fulfilled all Seller’s obligations, if any, to deliver to Buyer all documents required by § 8.1 (Evidence

340of Record Title) and Seller does not receive Buyer’s Notice to Terminate or Notice of Title Objection by the applicable deadline

341specified above, Buyer accepts the condition of title as disclosed by the Abstract of Title, Title Commitment and Title Documents

342as satisfactory.

3438.3. Off-Record Title. Seller must deliver to Buyer, on or before Off-Record Title Deadline, true copies of all existing

344surveys in Seller’s possession pertaining to the Property and must disclose to Buyer all easements, liens (including, without

345limitation, governmental improvements approved, but not yet installed) or other title matters (including, without limitation, rights of

346first refusal and options) not shown by public records, of which Seller has actual knowledge (Off-Record Matters). This Section

347excludes any New ILC or New Survey governed under § 9 (New ILC, New Survey). Buyer has the right to inspect the Property to

348investigate if any third party has any right in the Property not shown by public records (e.g., unrecorded easement, boundary line

349discrepancy or water rights). Buyer’s Notice to Terminate or Notice of Title Objection of any unsatisfactory condition (whether

350disclosed by Seller or revealed by such inspection, notwithstanding § 8.2 (Record Title) and § 13 (Transfer of Title)), in Buyer’s

351sole subjective discretion, must be received by Seller on or before Off-Record Title Objection Deadline. If an Off-Record Matter

352is received by Buyer after the Off-Record Title Deadline, Buyer has until the earlier of Closing or ten days after receipt by Buyer

353to review and object to such Off-Record Matter. If Seller receives Buyer’s Notice to Terminate or Notice of Title Objection pursuant

354to this § 8.3 (Off-Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.5 (Right to Object to Title,

355Resolution). If Seller does not receive Buyer’s Notice to Terminate or Notice of Title Objection by the applicable deadline specified

356above, Buyer accepts title subject to such Off-Record Matters and rights, if any, of third parties not shown by public records of which

357Buyer has actual knowledge.

3588.4. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION

359INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE

360PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT RISK

361FOR INCREASED MILL LEVIES AND TAX TO SUPPORT THE SERVICING OF SUCH DEBT WHERE

362CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH

363INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE THE

364SPECIAL TAXING DISTRICTS IN WHICH THE PROPERTY IS LOCATED BY CONTACTING THE COUNTY

365TREASURER, BY REVIEWING THE CERTIFICATE OF TAXES DUE FOR THE PROPERTY AND BY OBTAINING

366FURTHER INFORMATION FROM THE BOARD OF COUNTY COMMISSIONERS, THE COUNTY CLERK AND

367RECORDER, OR THE COUNTY ASSESSOR.

368A tax certificate from the respective county treasurer listing any special taxing districts that effect the Property (Tax Certificate)

369must be delivered to Buyer on or before Record Title Deadline. If the Property is located within a special taxing district and such

370inclusion is unsatisfactory to Buyer, in Buyer’s sole subjective discretion, Buyer may object, on or before Record Title Objection

371Deadline. If the Tax Certificate shows that the Property is included in a special taxing district and is received by Buyer after the

372Record Title Deadline, Buyer has until the earlier of Closing or ten days after receipt by Buyer to review and object to the Property’s

373inclusion in a special taxing district as unsatisfactory to Buyer.

3748.5. Right to Object to Title, Resolution. Buyer’s right to object, in Buyer’s sole subjective discretion, to any title matters

375includes those matters set forth in § 8.2 (Record Title), § 8.3 (Off-Record Title), § 8.4 (Special Taxing District) and § 13 (Transfer

376of Title). If Buyer objects to any title matter, on or before the applicable deadline, Buyer has the following options:

377	8.5.1. Title Objection, Resolution. If Seller receives Buyer’s written notice objecting to any title matter (Notice of

378Title Objection) on or before the applicable deadline and if Buyer and Seller have not agreed to a written settlement thereof on or

379before Title Resolution Deadline, this Contract will terminate on the expiration of Title Resolution Deadline, unless Seller receives

380Buyer’s written withdrawal of Buyer’s Notice of Title Objection (i.e., Buyer’s written notice to waive objection to such items and

381waives the Right to Terminate for that reason), on or before expiration of Title Resolution Deadline. If either the Record Title

382Deadline or the Off-Record Title Deadline, or both, are extended pursuant to § 8.2 (Record Title), § 8.3 (Off-Record Title) or § 8.4

383(Special Taxing Districts), the Title Resolution Deadline also will be automatically extended to the earlier of Closing or fifteen days

384after Buyer’s receipt of the applicable documents; or

385	8.5.2. Title Objection, Right to Terminate. Buyer may exercise the Right to Terminate under § 25.1, on or before
386	the applicable deadline, based on any title matter unsatisfactory to Buyer, in Buyer’s sole subjective discretion.

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 8 of 18

3878.6. Right of First Refusal or Contract Approval. If there is a right of first refusal on the Property or a right to approve

388this Contract, Seller must promptly submit this Contract according to the terms and conditions of such right. If the holder of the right

389of first refusal exercises such right or the holder of a right to approve disapproves this Contract, this Contract will terminate. If the

390right of first refusal is waived explicitly or expires, or the Contract is approved, this Contract will remain in full force and effect.

391Seller must promptly notify Buyer in writing of the foregoing. If expiration or waiver of the right of first refusal or approval of this

392Contract has not occurred on or before Right of First Refusal Deadline, this Contract will then terminate.

3938.7. Title Advisory. The Title Documents affect the title, ownership and use of the Property and should be reviewed

394carefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the Property,

395including, without limitation, boundary lines and encroachments, set-back requirements, area, zoning, building code violations,

396unrecorded easements and claims of easements, leases and other unrecorded agreements, water on or under the Property and various

397laws and governmental regulations concerning land use, development and environmental matters.

3988.7.1. OIL, GAS, WATER AND MINERAL DISCLOSURE. THE SURFACE ESTATE OF THE

399PROPERTY MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL ESTATE AND TRANSFER OF

400THE SURFACE ESTATE MAY NOT NECESSARILY INCLUDE TRANSFER OF THE MINERAL ESTATE OR WATER

401RIGHTS. THIRD PARTIES MAY OWN OR LEASE INTERESTS IN OIL, GAS, OTHER MINERALS, GEOTHERMAL

402ENERGY OR WATER ON OR UNDER THE SURFACE OF THE PROPERTY, WHICH INTERESTS MAY GIVE THEM

403RIGHTS TO ENTER AND USE THE SURFACE OF THE PROPERTY TO ACCESS THE MINERAL ESTATE, OIL,

404GAS OR WATER.

405	8.7.2. SURFACE USE AGREEMENT. THE USE OF THE SURFACE ESTATE OF THE PROPERTY TO

406ACCESS THE OIL, GAS OR MINERALS MAY BE GOVERNED BY A SURFACE USE AGREEMENT, A

407MEMORANDUM OR OTHER NOTICE OF WHICH MAY BE RECORDED WITH THE COUNTY CLERK AND

408RECORDER.

409	8.7.3. OIL AND GAS ACTIVITY. OIL AND GAS ACTIVITY THAT MAY OCCUR ON OR ADJACENT

410TO THE PROPERTY MAY INCLUDE, BUT IS NOT LIMITED TO, SURVEYING, DRILLING, WELL COMPLETION

411OPERATIONS, STORAGE, OIL AND GAS, OR PRODUCTION FACILITIES, PRODUCING WELLS, REWORKING

412OF CURRENT WELLS AND GAS GATHERING AND PROCESSING FACILITIES.

4138.7.4. ADDITIONAL INFORMATION. BUYER IS ENCOURAGED TO SEEK ADDITIONAL

414INFORMATION REGARDING OIL AND GAS ACTIVITY ON OR ADJACENT TO THE PROPERTY, INCLUDING

415DRILLING PERMIT APPLICATIONS. THIS INFORMATION MAY BE AVAILABLE FROM THE COLORADO OIL

416AND GAS CONSERVATION COMMISSION.

417	8.7.5. Title Insurance Exclusions. Matters set forth in this Section and others, may be excepted, excluded from, or

418not covered by the owner’s title insurance policy.

4198.8. Consult an Attorney. Buyer is advised to timely consult legal counsel with respect to all such matters as there are

420strict time limits provided in this Contract (e.g., Record Title Objection Deadline and Off-Record Title Objection Deadline).

4219. NEW ILC, NEW SURVEY.

422		9.1. New ILC or New Survey. If the box is checked, a: 1) New Improvement Location Certificate (New ILC); or,
423	2)	New Survey in the form of ___________________________________________; is required and the following will apply:
424		9.1.1. Ordering of New ILC or New Survey.	Seller	Buyer will order the New ILC or New Survey. The

425New ILC or New Survey may also be a previous ILC or survey that is in the above-required form, certified and updated as of a date

426after the date of this Contract.

427	9.1.2. Payment for New ILC or New Survey. The cost of the New ILC or New Survey will be paid, on or before

428Closing, by: Seller Buyer or:

431	9.1.3. Delivery of New ILC or New Survey. Buyer, Seller, the issuer of the Title Commitment (or the provider of

432the opinion of title if an Abstract of Title) and _____________________ will receive a New ILC or New Survey on or before New

433ILC or New Survey Deadline.

434	9.1.4. Certification of New ILC or New Survey. The New ILC or New Survey will be certified by the surveyor to

435all those who are to receive the New ILC or New Survey.

4369.2. Buyer’s Right to Waive or Change New ILC or New Survey Selection. Buyer may select a New ILC or New

437Survey different than initially specified in this Contract if there is no additional cost to Seller or change to the New ILC or New

438Survey Objection Deadline. Buyer may, in Buyer’s sole subjective discretion, waive a New ILC or New Survey if done prior to

439Seller incurring any cost for the same.

4409.3. New ILC or New Survey Objection. Buyer has the right to review and object to the New ILC or New Survey. If the

441New ILC or New Survey is not timely received by Buyer or is unsatisfactory to Buyer, in Buyer’s sole subjective discretion, Buyer

442may, on or before New ILC or New Survey Objection Deadline, notwithstanding § 8.3 or § 13:

443	9.3.1. Notice to Terminate. Notify Seller in writing, pursuant to § 25.1, that this Contract is terminated; or

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 9 of 18

444	9.3.2. New ILC or New Survey Objection. Deliver to Seller a written description of any matter that was to be

445shown or is shown in the New ILC or New Survey that is unsatisfactory and that Buyer requires Seller to correct.

446	9.3.3. New ILC or New Survey Resolution. If a New ILC or New Survey Objection is received by Seller, on or

447before New ILC or New Survey Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on

448or before New ILC or New Survey Resolution Deadline, this Contract will terminate on expiration of the New ILC or New

449Survey Resolution Deadline, unless Seller receives Buyer’s written withdrawal of the New ILC or New Survey Objection before

450such termination, i.e., on or before expiration of New ILC or New Survey Resolution Deadline.

451	DISCLOSURE, INSPECTION AND DUE DILIGENCE

45210. PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, DUE DILIGENCE AND SOURCE OF

453WATER.

45410.1. Seller’s Property Disclosure. On or before Seller’s Property Disclosure Deadline, Seller agrees to deliver to Buyer

455the most current version of the applicable Colorado Real Estate Commission’s Seller’s Property Disclosure form completed by Seller

456to Seller’s actual knowledge and current as of the date of this Contract.

45710.2. Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition. Seller must disclose to Buyer

458any adverse material facts actually known by Seller as of the date of this Contract. Seller agrees that disclosure of adverse material

459facts will be in writing. In the event Seller discovers an adverse material fact after the date of this Contract, Seller must timely

460disclose such adverse fact to Buyer. Buyer has the Right to Terminate based on the Seller’s new disclosure on the earlier of Closing

461or five days after Buyer’s receipt of the new disclosure. Except as otherwise provided in this Contract, Buyer acknowledges that

462Seller is conveying the Property to Buyer in an “As Is” condition, “Where Is” and “With All Faults.”

46310.3. Inspection. Unless otherwise provided in this Contract, Buyer, acting in good faith, has the right to have inspections

464(by one or more third parties, personally or both) of the Property and Inclusions (Inspection), at Buyer’s expense. If (1) the physical

465condition of the Property, including, but not limited to, the roof, walls, structural integrity of the Property, the electrical, plumbing,

466HVAC and other mechanical systems of the Property, (2) the physical condition of the Inclusions, (3) service to the Property

467(including utilities and communication services), systems and components of the Property (e.g., heating and plumbing), (4) any

468proposed or existing transportation project, road, street or highway, or (5) any other activity, odor or noise (whether on or off the

469Property) and its effect or expected effect on the Property or its occupants is unsatisfactory, in Buyer ’s sole subjective discretion,

470Buyer may:

471	10.3.1. Inspection Objection. On or before the Inspection Objection Deadline, deliver to Seller a written

472description of any unsatisfactory condition that Buyer requires Seller to correct; or

473	10.3.2. Terminate. On or before the Inspection Termination Deadline, notify Seller in writing, pursuant to § 25.1,

474that this Contract is terminated due to any unsatisfactory condition. Inspection Termination Deadline will be on the earlier of

475Inspection Resolution Deadline or the date specified in § 3.1 for Inspection Termination Deadline.

476	10.3.3. Inspection Resolution. If an Inspection Objection is received by Seller, on or before Inspection Objection

477Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Inspection Resolution Deadline,

478this Contract will terminate on Inspection Resolution Deadline unless Seller receives Buyer’s written withdrawal of the Inspection

479Objection before such termination, i.e., on or before expiration of Inspection Resolution Deadline.

48010.4. Damage, Liens and Indemnity. Buyer, except as otherwise provided in this Contract or other written agreement

481between the parties, is responsible for payment for all inspections, tests, surveys, engineering reports, or other reports performed at

482Buyer’s request (Work) and must pay for any damage that occurs to the Property and Inclusions as a result of such Work. Buyer

483must not permit claims or liens of any kind against the Property for Work performed on the Property. Buyer agrees to indemnif y,

484protect and hold Seller harmless from and against any liability, damage, cost or expense incurred by Seller and caused by any such

485Work, claim, or lien. This indemnity includes Seller’s right to recover all costs and expenses incurred by Seller to defend against

486any such liability, damage, cost or expense, or to enforce this Section, including Seller’s reasonable attorney fees, legal fees and

487expenses. The provisions of this Section survive the termination of this Contract. This § 10.4 does not apply to items performed

488pursuant to an Inspection Resolution.

48910.5. Insurability. Buyer has the right to review and object to the availability, terms and conditions of and premium for

490property insurance (Property Insurance). Buyer has the Right to Terminate under § 25.1, on or before Property Insurance

491Termination Deadline, based on any unsatisfactory provision of the Property Insurance, in Buyer’s sole subjective discretion.

49210.6. Due Diligence.

493	10.6.1. Due Diligence Documents. If the respective box is checked, Seller agrees to deliver copies of the following

494documents and information pertaining to the Property (Due Diligence Documents) to Buyer on or before Due Diligence Documents

495Delivery Deadline:

496	10.6.1.1. All current leases, including any amendments or other occupancy agreements, pertaining to the

497Property. Those leases or other occupancy agreements pertaining to the Property that survive Closing are as follows (Leases):

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 10 of 18

556	CLOSING PROVISIONS

55712. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING.

55812.1. Closing Documents and Closing Information. Seller and Buyer will cooperate with the Closing Company to enable

559the Closing Company to prepare and deliver documents required for Closing to Buyer and Seller and their designees. If Buyer is

560obtaining a loan to purchase the Property, Buyer acknowledges Buyer’s lender is required to provide the Closing Company, in a

561timely manner, all required loan documents and financial information concerning Buyer’s loan. Buyer and Seller will furnish any

562additional information and documents required by Closing Company that will be necessary to complete this transaction. Buyer and

563Seller will sign and complete all customary or reasonably-required documents at or before Closing.

56412.2. Closing Instructions. Colorado Real Estate Commission’s Closing Instructions Are Are Not executed with

565this Contract.

56612.3. Closing. Delivery of deed from Seller to Buyer will be at closing (Closing). Closing will be on the date specified as

567the Closing Date or by mutual agreement at an earlier date. The hour and place of Closing will be as designated by

568________________________________________.

56912.4. Disclosure of Settlement Costs. Buyer and Seller acknowledge that costs, quality and extent of service vary between

570different settlement service providers (e.g., attorneys, lenders, inspectors and title companies).

57113. TRANSFER OF TITLE. Subject to Buyer’s compliance with the terms and provisions of this Contract, including the tender

572of any payment due at Closing, Seller must execute and deliver the following good and sufficient deed to Buyer, at Closing:

573 special warranty deed general warranty deed bargain and sale deed quit claim deed personal representative’s

574deed ____________________________ deed. Seller, provided another deed is not selected, must execute and deliver a good

575and sufficient special warranty deed to Buyer, at Closing.

576Unless otherwise specified in §30 (Additional Provisions), if title will be conveyed using a special warranty deed or a general

577warranty deed, title will be conveyed “subject to statutory exceptions” as defined in §38-30-113(5)(a), C.R.S.

57814. PAYMENT OF LIENS AND ENCUMBRANCES. Unless agreed to by Buyer in writing, any amounts owed on any liens

579or encumbrances securing a monetary sum, including, but not limited to, any governmental liens for special improvements installed

580as of the date of Buyer’s signature hereon, whether assessed or not and previous years’ taxes, will be paid at or before Closing by

581Seller from the proceeds of this transaction or from any other source.

58215. CLOSING COSTS, CLOSING FEE, ASSOCIATION FEES AND TAXES.

58315.1. Closing Costs. Buyer and Seller must pay, in Good Funds, their respective closing costs and all other items required

584to be paid at Closing, except as otherwise provided herein.

58515.2. Closing Services Fee. The fee for real estate closing services must be paid at Closing by Buyer Seller

586 One-Half by Buyer and One-Half by Seller Other _______________________________________.

58715.3. Status Letter and Record Change Fees. At least fourteen days prior to Closing Date, Seller agrees to promptly

588request the Association to deliver to Buyer a current Status Letter. Any fees incident to the issuance of Association’s Status Letter

589must be paid by None Buyer Seller One-Half by Buyer and One-Half by Seller. Any Record Change Fee must

590be paid by None Buyer Seller One-Half by Buyer and One-Half by Seller.

59115.4. Local Transfer Tax. The Local Transfer Tax of ________% of the Purchase Price must be paid at Closing by

592 None Buyer Seller One-Half by Buyer and One-Half by Seller.

59315.5. Private Transfer Fee. Private transfer fees and other fees due to a transfer of the Property, payable at Closing, such

594as community association fees, developer fees and foundation fees, must be paid at Closing by None Buyer Seller

595	One-Half by Buyer and One-Half by Seller. The Private Transfer fee, whether one or more, is for the following association(s):
596		in the total amount of		% of the Purchase Price or $________________.

59715.6. Water Transfer Fees. The Water Transfer Fees can change. The fees, as of the date of this Contract, do not exceed

598$____________ for:

599	Water Stock/Certificates		Water District
600	Augmentation Membership		Small Domestic Water Company
601	and must be paid at Closing by	None	Buyer	Seller	One-Half by Buyer and One-Half by Seller.
602	15.7. Sales and Use Tax.	Any sales and use tax that may accrue because of this transaction must be paid when due by

603None Buyer Seller One-Half by Buyer and One-Half by Seller.

60415.8. FIRPTA and Colorado Withholding.

605	15.8.1. FIRPTA. The Internal Revenue Service (IRS) may require a substantial portion of the Seller’s proceeds be

606withheld after Closing when Seller is a foreign person. If required withholding does not occur, the Buyer could be held liable for the

607

amount of the Seller’s tax, interest and penalties. If the box in this Section is checked, Seller represents that Seller

IS a foreign

608person for purposes of U.S. income taxation. If the box in this Section is not checked, Seller represents that Seller is not a foreign

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 12 of 18

609person for purposes of U.S. income taxation. Seller agrees to cooperate with Buyer and Closing Company to provide any reasonably

610requested documents to verify Seller’s foreign person status. If withholding is required, Seller authorizes Closing Company to

611withhold such amount from Seller’s proceeds. Seller should inquire with Seller’s tax advisor to determine if withholding applies or

612if an exemption exists.

613	15.8.2. Colorado Withholding. The Colorado Department of Revenue may require a portion of the Seller’s proceeds

614be withheld after Closing when Seller will not be a Colorado resident after Closing, if not otherwise exempt. Seller agrees to

615cooperate with Buyer and Closing Company to provide any reasonably requested documents to verify Seller’s status. If withholding

616is required, Seller authorizes Closing Company to withhold such amount from Seller’s proceeds. Seller should inquire with Seller’s

617tax advisor to determine if withholding applies or if an exemption exists.

61816. PRORATIONS AND ASSOCIATION ASSESSMENTS. The following will be prorated to the Closing Date, except as

619otherwise provided:

62016.1. Taxes. Personal property taxes, if any, special taxing district assessments, if any, and general real estate taxes for the

621 year of Closing, based on

Taxes for the Calendar Year Immediately Preceding Closing

Most Recent Mill Levy and Most

622Recent Assessed Valuation, adjusted by any applicable qualifying seniors property tax exemption, qualifying disabled veteran

623	exemption or	Other		.
624	16.2.	Rents. Rents based on			Rents Actually Received	Accrued. At Closing, Seller will transfer or credit to Buyer

625the security deposits for all Leases assigned, or any remainder after lawful deductions and notify all tenants in writing of such transfer

626and of the transferee’s name and address. Seller must assign to Buyer all Leases in effect at Closing and Buyer must assume Seller’s

627obligations under such Leases.

62816.3. Association Assessments. Current regular Association assessments and dues (Association Assessments) paid in

629advance will be credited to Seller at Closing. Cash reserves held out of the regular Association Assessments for deferred maintenance

630by the Association will not be credited to Seller except as may be otherwise provided by the Governing Documents. Buyer

631acknowledges that Buyer may be obligated to pay the Association, at Closing, an amount for reserves or working capital. Any special

632 assessment assessed prior to Closing Date by the Association will be the obligation of

Buyer

Seller. Except however, any

633special assessment by the Association for improvements that have been installed as of the date of Buyer’s signature hereon, whether

634assessed prior to or after Closing, will be the obligation of Seller. Seller represents there are no unpaid regular or special assessments

635against the Property except the current regular assessments and ______________________________. Association Assessments are

636subject to change as provided in the Governing Documents.

63716.4. Other Prorations. Water and sewer charges, propane, interest on continuing loan and _______________________.

63816.5. Final Settlement. Unless otherwise agreed in writing, these prorations are final.

63917. POSSESSION. Possession of the Property will be delivered to Buyer on Possession Date at Possession Time, subject to the

640Leases as set forth in § 10.6.1.1.

641If Seller, after Closing, fails to deliver possession as specified, Seller will be subject to eviction and will be additionally liable

642to Buyer for payment of $______________ per day (or any part of a day notwithstanding § 18.1) from Possession Date and

643Possession Time until possession is delivered.

644Buyer represents that Buyer will occupy the Property as Buyer’s principal residence unless the following box is checked, then

645	Buyer	Does Not represent that Buyer will occupy the Property as Buyer’s principal residence.
646	If the box is checked, Buyer and Seller agree to execute a Post-Closing Occupancy Agreement.
647			GENERAL PROVISIONS

64818. DAY; COMPUTATION OF PERIOD OF DAYS, DEADLINE.

64918.1. Day. As used in this Contract, the term “day” means the entire day ending at 11:59 p.m., United States Mountain Time

650(Standard or Daylight Savings, as applicable).

65118.2. Computation of Period of Days, Deadline. In computing a period of days (e.g., three days after MEC), when the

652ending date is not specified, the first day is excluded and the last day is included. If any deadline falls on a Saturday, Sunday or

653

federal or Colorado state holiday (Holiday), such deadline

Will

Will Not be extended to the next day that is not a Saturday,

654Sunday or Holiday. Should neither box be checked, the deadline will not be extended.

65519. CAUSES OF LOSS, INSURANCE; DAMAGE TO INCLUSIONS AND SERVICES; CONDEMNATION; AND

656WALK-THROUGH. Except as otherwise provided in this Contract, the Property, Inclusions or both will be delivered in the

657condition existing as of the date of this Contract, ordinary wear and tear excepted.

65819.1. Causes of Loss, Insurance. In the event the Property or Inclusions are damaged by fire, other perils or causes of loss

659prior to Closing (Property Damage) in an amount of not more than ten percent of the total Purchase Price and if the repair of the

660damage will be paid by insurance (other than the deductible to be paid by Seller), then Seller, upon receipt of the insurance proceeds,

661will use Seller’s reasonable efforts to repair the Property before Closing Date. Buyer has the Right to Terminate under § 25.1, on or

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 13 of 18

662before Closing Date, if the Property is not repaired before Closing Date, or if the damage exceeds such sum. Should Buyer elect to

663carry out this Contract despite such Property Damage, Buyer is entitled to a credit at Closing for all insurance proceeds that were

664received by Seller (but not the Association, if any) resulting from damage to the Property and Inclusions, plus the amount o f any

665deductible provided for in the insurance policy. This credit may not exceed the Purchase Price. In the event Seller has not received

666the insurance proceeds prior to Closing, the parties may agree to extend the Closing Date to have the Property repaired prior to

667Closing or, at the option of Buyer, (1) Seller must assign to Buyer the right to the proceeds at Closing, if acceptable to Seller’s

668insurance company and Buyer’s lender; or (2) the parties may enter into a written agreement prepared by the parties or their attorney

669requiring the Seller to escrow at Closing from Seller’s sale proceeds the amount Seller has received and will receive due to such

670damage, not exceeding the total Purchase Price, plus the amount of any deductible that applies to the insurance claim.

67119.2. Damage, Inclusions and Services. Should any Inclusion or service (including utilities and communication services),

672system, component or fixture of the Property (collectively Service) (e.g., heating or plumbing), fail or be damaged between the date

673of this Contract and Closing or possession, whichever is earlier, then Seller is liable for the repair or replacement of such Inclusion

674or Service with a unit of similar size, age and quality, or an equivalent credit, but only to the extent that the maintenance or

675replacement of such Inclusion or Service is not the responsibility of the Association, if any, less any insurance proceeds received by

676Buyer covering such repair or replacement. If the failed or damaged Inclusion or Service is not repaired or replaced on or before

677Closing or possession, whichever is earlier, Buyer has the Right to Terminate under § 25.1, on or before Closing Date, or, at the

678option of Buyer, Buyer is entitled to a credit at Closing for the repair or replacement of such Inclusion or Service. Such credit must

679not exceed the Purchase Price. If Buyer receives such a credit, Seller’s right for any claim against the Association, if any, will survive

680Closing.

68119.3. Condemnation. In the event Seller receives actual notice prior to Closing that a pending condemnation action may

682result in a taking of all or part of the Property or Inclusions, Seller must promptly notify Buyer, in writing, of such condemnation

683action. Buyer has the Right to Terminate under § 25.1, on or before Closing Date, based on such condemnation action, in Buyer’s

684sole subjective discretion. Should Buyer elect to consummate this Contract despite such diminution of value to the Property a nd

685Inclusions, Buyer is entitled to a credit at Closing for all condemnation proceeds awarded to Seller for the diminution in the value

686of the Property or Inclusions but such credit will not include relocation benefits or expenses, or exceed the Purchase Price.

68719.4. Walk-Through and Verification of Condition. Buyer, upon reasonable notice, has the right to walk through the

688Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with this Contract.

68919.5. Home Warranty. Seller and Buyer are aware of the existence of pre-owned home warranty programs that may be

690purchased and may cover the repair or replacement of such Inclusions.

69120. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this Contract, Buyer and Seller acknowledge that

692the respective broker has advised that this Contract has important legal consequences and has recommended the examination of title

693and consultation with legal and tax or other counsel before signing this Contract.

69421. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence for all dates and deadlines in this Contract.

695This means that all dates and deadlines are strict and absolute. If any payment due, including Earnest Money, is not paid, honored

696or tendered when due, or if any obligation is not performed timely as provided in this Contract or waived, the non-defaulting party

697has the following remedies:

69821.1. If Buyer is in Default:

699	21.1.1. Specific Performance. Seller may elect to cancel this Contract and all Earnest Money (whether or not paid

700by Buyer) will be paid to Seller and retained by Seller. It is agreed that the Earnest Money is not a penalty and the Parties agree the

701amount is fair and reasonable. Seller may recover such additional damages as may be proper. Alternatively, Seller may elect to

702treat this Contract as being in full force and effect and Seller has the right to specific performance or damages, or both.

703	21.1.2. Liquidated Damages, Applicable. This § 21.1.2 applies unless the box in § 21.1.1. is checked. Seller may

704cancel this Contract. All Earnest Money (whether or not paid by Buyer) will be paid to Seller and retained by Seller. It is agreed that

705the Earnest Money specified in § 4.1 is LIQUIDATED DAMAGES and not a penalty, which amount the parties agree is fair and

706reasonable and (except as provided in §§ 10.4, 22, 23 and 24), said payment of Earnest Money is SELLER’S ONLY REMEDY for

707Buyer’s failure to perform the obligations of this Contract. Seller expressly waives the remedies of specific performance and

708additional damages.

70921.2. If Seller is in Default: Buyer may elect to treat this Contract as canceled, in which case all Earnest Money received

710hereunder will be returned to Buyer and Buyer may recover such damages as may be proper. Alternatively, Buyer may elect to treat

711this Contract as being in full force and effect and Buyer has the right to specific performance or damages, or both.

71222. LEGAL FEES, COST AND EXPENSES. Anything to the contrary herein notwithstanding, in the event of any arbitration

713or litigation relating to this Contract, prior to or after Closing Date, the arbitrator or court must award to the prevailing party all

714reasonable costs and expenses, including attorney fees, legal fees and expenses.

71523. MEDIATION. If a dispute arises relating to this Contract (whether prior to or after Closing) and is not resolved, the parties

716must first proceed, in good faith, to mediation. Mediation is a process in which the parties meet with an impartial person who helps

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 14 of 18

717to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. Before any mediated settlement is

718binding, the parties to the dispute must agree to the settlement, in writing. The parties will jointly appoint an acceptable mediator

719and will share equally in the cost of such mediation. The obligation to mediate, unless otherwise agreed, will terminate if the entire

720dispute is not resolved within thirty days of the date written notice requesting mediation is delivered by one party to the other at that

721party’s last known address (physical or electronic as provided in § 27). Nothing in this Section prohibits either party from filing a

722lawsuit and recording a lis pendens affecting the Property, before or after the date of written notice requesting mediation. This

723Section will not alter any date in this Contract, unless otherwise agreed.

72424. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder must release the Earnest

725Money following receipt of written mutual instructions, signed by both Buyer and Seller. In the event of any controversy regarding

726the Earnest Money, Earnest Money Holder is not required to release the Earnest Money. Earnest Money Holder, in its sole subjective

727discretion, has several options: (1) wait for any proceeding between Buyer and Seller; (2) interplead all parties and deposit Earnest

728Money into a court of competent jurisdiction (Earnest Money Holder is entitled to recover court costs and reasonable attorney and

729legal fees incurred with such action); or (3) provide notice to Buyer and Seller that unless Earnest Money Holder receives a copy of

730the Summons and Complaint or Claim (between Buyer and Seller) containing the case number of the lawsuit (Lawsuit) within one

731hundred twenty days of Earnest Money Holder’s notice to the parties, Earnest Money Holder is authorized to return the Earnest

732Money to Buyer. In the event Earnest Money Holder does receive a copy of the Lawsuit and has not interpled the monies at the time

733of any Order, Earnest Money Holder must disburse the Earnest Money pursuant to the Order of the Court. The parties reaffirm the

734obligation of § 23 (Mediation). This Section will survive cancellation or termination of this Contract.

73525. TERMINATION.

73625.1. Right to Terminate. If a party has a right to terminate, as provided in this Contract (Right to Terminate), the

737termination is effective upon the other party’s receipt of a written notice to terminate (Notice to Terminate), provided such written

738notice was received on or before the applicable deadline specified in this Contract. If the Notice to Terminate is not received on or

739before the specified deadline, the party with the Right to Terminate accepts the specified matter, document or condition as satisfactory

740and waives the Right to Terminate under such provision.

74125.2. Effect of Termination. In the event this Contract is terminated, all Earnest Money received hereunder will be returned

742to Buyer and the parties are relieved of all obligations hereunder, subject to §§ 10.4, 22, 23 and 24.

74326. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL; SUCCESSORS. This Contract, its exhibits and specified

744addenda, constitute the entire agreement between the parties relating to the subject hereof and any prior agreements pertaining

745thereto, whether oral or written, have been merged and integrated into this Contract. No subsequent modification of any of the terms

746of this Contract is valid, binding upon the parties, or enforceable unless made in writing and signed by the parties. Any right or

747obligation in this Contract that, by its terms, exists or is intended to be performed after termination or Closing survives the same.

748Any successor to a party receives the predecessor’s benefits and obligations of this Contract.

74927. NOTICE, DELIVERY AND CHOICE OF LAW.

75027.1. Physical Delivery and Notice. Any document, or notice to Buyer or Seller must be in writing, except as provided in

751§ 27.2 and is effective when physically received by such party, any individual named in this Contract to receive documents or notices

752for such party, Broker, or Brokerage Firm of Broker working with such party (except any notice or delivery after Closing must be

753received by the party, not Broker or Brokerage Firm).

75427.2. Electronic Notice. As an alternative to physical delivery, any notice, may be delivered in electronic form to Buyer or

755Seller, any individual named in this Contract to receive documents or notices for such party, Broker or Brokerage Firm of Broker

756working with such party (except any notice or delivery after Closing must be received by the party, not Broker or Brokerage Firm)

757at the electronic address of the recipient by facsimile, email or ______________________________________.

75827.3. Electronic Delivery. Electronic Delivery of documents and notice may be delivered by: (1) email at the email address

759of the recipient, (2) a link or access to a website or server provided the recipient receives the information necessary to access the

760documents, or (3) facsimile at the facsimile number (Fax No.) of the recipient.

76127.4. Choice of Law. This Contract and all disputes arising hereunder are governed by and construed in accordance with

762the laws of the State of Colorado that would be applicable to Colorado residents who sign a contract in Colorado for real property

763located in Colorado.

76428. NOTICE OF ACCEPTANCE, COUNTERPARTS. This proposal will expire unless accepted in writing, by Buyer and

765Seller, as evidenced by their signatures below and the offering party receives notice of such acceptance pursuant to § 27 on or before

766Acceptance Deadline Date and Acceptance Deadline Time. If accepted, this document will become a contract between Seller and

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 15 of 18

767Buyer. A copy of this Contract may be executed by each party, separately and when each party has executed a copy thereof, such

768copies taken together are deemed to be a full and complete contract between the parties.

76929. GOOD FAITH. Buyer and Seller acknowledge that each party has an obligation to act in good faith including, but not limited

770to, exercising the rights and obligations set forth in the provisions of Financing Conditions and Obligations; Title Insurance,

771Record Title and Off-Record Title; New ILC, New Survey; and Property Disclosure, Inspection, Indemnity, Insurability, Due

772Diligence, and Source of Water.

773	ADDITIONAL PROVISIONS AND ATTACHMENTS

77430. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real Estate

775Commission.)

776

777

778

779

780

781

78231. OTHER DOCUMENTS.

78331.1. The following documents are a part of this Contract:

784	31.1.1. Post-Closing Occupancy Agreement. If the Post-Closing Occupancy Agreement box is checked in § 17 the

785Post-Closing Occupancy Agreement is a part of this Contract.

78931.2. The following documents have been provided but are not a part of this Contract:

Buyer’s Name:

Buyer’s Name:

Buyer’s Signature		Date		Buyer’s Signature		Date
Address:				Address:
Phone No.:				Phone No.:
Fax No.:				Fax No.:
Email Address:				Email Address:

795[NOTE: If this offer is being countered or rejected, do not sign this document.

Seller’s Name:

Seller’s Name:

Seller’s Signature		Date		Seller’s Signature		Date
Address:				Address:
Phone No.:				Phone No.:

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 16 of 18

32.BROKER’S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. (To be completed by Broker working with Buyer)

Broker

Does

Does Not acknowledge receipt of Earnest Money deposit. Broker agrees that if Brokerage Firm is the Earnest

Money Holder and, except as provided in § 24, if the Earnest Money has not already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest Money Holder will release the Earnest Money as directed by the written mutual instructions. Such release of Earnest Money will be made within five days of Earnest Money Holder’s receipt of the executed written mutual instructions, provided the Earnest Money check has cleared.

Although Broker is not a party to the Contract, Broker agrees to cooperate, upon request, with any mediation requested under § 23.

Customer. Broker has no brokerage relationship with Buyer. See § 33 for Broker’s brokerage relationship with Seller.

Brokerage Firm’s Name:

Brokerage Firm’s License #:

Broker’s Name:

Broker’s License #:

Broker’s Signature

Date

Address:

Phone No.:

Fax No.:

Email Address:

33.BROKER’S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. (To be completed by Broker working with Seller)

Broker

Does

Does Not acknowledge receipt of Earnest Money deposit. Broker agrees that if Brokerage Firm is the Earnest

Money Holder and, except as provided in § 24, if the Earnest Money has not already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest Money Holder will release the Earnest Money as directed by the written mutual instructions. Such release of Earnest Money will be made within five days of Earnest Money Holder’s receipt of the executed written mutual instructions, provided the Earnest Money check has cleared.

Although Broker is not a party to the Contract, Broker agrees to cooperate, upon request, with any mediation requested under § 23.

Customer. Broker has no brokerage relationship with Seller. See § 32 for Broker’s brokerage relationship with Buyer.

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 17 of 18

Brokerage Firm’s Name:

Brokerage Firm’s License #:

Broker’s Name:

Broker’s License #:

Broker’s Signature

Date

Address:

Phone No.:

Fax No.:

Email Address:

798

CBS1-5-19. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

Page 18 of 18