The Contract To Buy And Sell Real Estate – How Your Realtor Gets You Into the Home
When you come across a home you love and want to put in an offer, this is the contract your REALTOR will fill out.
It’s really long and can get very confusing. One example of that is that there is a spot on the contract for the amount of remote controls that will be passed from the old owner to the new one. No joke.
This is a contract between the buyer and the seller, not the agents. So if something goes wrong, you will be held accountable. And if it was one of the agent’s fault, it will be up to you to follow the proper channels to make sure they are held responsible.
Though it is long, it is fairly straight-forward. In short, it basically says: I will buy your property, the home that is on it, and these things for this much money. I have this much here and I have a loan for the remainder. I would like you to hire these people to inspect the place by these dates, I would like you to leave these items, and I’d like to close and for me to move in on this date. If you sign this and back out when you’re not supposed to, I can (or cannot), through legal channels force you to sell the property. If I back out before I am supposed to, you can keep all of my earnest money.”
Things to take note of, you can (as the buyer) back out of the contract without losing your earnest money before any of the inspection objection deadlines, due to any issues found with the house.
If the seller backs out at a time that is not consistent with the contract, you can actually force them to sell you the property.
Here you can see all of the Colorado Real Estate Commissions approved contracts, including this one.
Back to the First Time Buyer’s Guide to Buying a Home