7 Contract To Buy And Sell Real Estate Page 4
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17an Alternative Earnest Money Deadline (§ 3) for its payment. The parties authorize delivery of the Earnest Money deposit to the
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company conducting the Closing (Closing Company), if any, at or before Closing. In the event Earnest Money Holder has agreed
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to have interest on Earnest Money deposits transferred to a fund established for the purpose of providing affordable housing to
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Colorado residents, Seller and Buyer acknowledge and agree that any interest accruing on the Earnest Money deposited with the
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Earnest Money Holder in this transaction will be transferred to such fund.
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4.3.1.
Alternative Earnest Money Deadline. The deadline for delivering the Earnest Money, if other than at the
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time of tender of this Contract, is as set forth as the Alternative Earnest Money Deadline (§ 3).
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4.3.2.
Return of Earnest Money. If Buyer has a Right to Terminate and timely terminates, Buyer is entitled to
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the return of Earnest Money as provided in this Contract. If this Contract is terminated as set forth in § 25 and, except as provided
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in § 24, if the Earnest Money has not already been returned following receipt of a Notice to Terminate, Seller agrees to execute
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and return to Buyer or Broker working with Buyer, written mutual instructions (e.g., Earnest Money Release form), within three
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days of Seller’s receipt of such form.
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4.4.
Form of Funds; Time of Payment; Available Funds.
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4.4.1.
Good Funds. All amounts payable by the parties at Closing, including any loan proceeds, Cash at Closing
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and closing costs, must be in funds that comply with all applicable Colorado laws, including electronic transfer funds, certified
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check, savings and loan teller’s check and cashier’s check (Good Funds).
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4.4.2.
Time of Payment; Available Funds. All funds, including the Purchase Price to be paid by Buyer, must be
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paid before or at Closing or as otherwise agreed in writing between the parties to allow disbursement by Closing Company at
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Closing OR SUCH NONPAYING PARTY WILL BE IN DEFAULT. Buyer represents that Buyer, as of the date of this
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Contract,
Does
Does Not have funds that are immediately verifiable and available in an amount not less than the amount
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stated as Cash at Closing in § 4.1.
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4.5.
New Loan.
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4.5.1.
Buyer to Pay Loan Costs. Buyer, except as provided in § 4.2, if applicable, must timely pay Buyer’s loan
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costs, loan discount points, prepaid items and loan origination fees, as required by lender.
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4.5.2.
Buyer May Select Financing. Buyer may pay in cash or select financing appropriate and acceptable to
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Buyer, including a different loan than initially sought, except as restricted in § 4.5.3 or § 30 (Additional Provisions).
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4.5.3.
Loan Limitations. Buyer may purchase the Property using any of the following types of loans:
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Conventional
Other
.
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4.6.
Assumption. Buyer agrees to assume and pay an existing loan in the approximate amount of the Assumption
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Balance set forth in § 4.1, presently payable at $______________ per ________________ including principal and interest
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presently at the rate of ________% per annum, and also including escrow for the following as indicated:
Real Estate Taxes
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Property Insurance Premium and
.
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Buyer agrees to pay a loan transfer fee not to exceed $_____________. At the time of assumption, the new interest rate will
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not exceed ________% per annum and the new payment will not exceed $_____________ per ________________ principal and
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interest, plus escrow, if any. If the actual principal balance of the existing loan at Closing is less than the Assumption Balance,
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which causes the amount of cash required from Buyer at Closing to be increased by more than $_____________, then Buyer has
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the Right to Terminate under § 25.1, on or before Closing Date (§ 3), based on the reduced amount of the actual principal balance.
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Seller
Will
Will Not be released from liability on said loan. If applicable, compliance with the requirements for
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release from liability will be evidenced by delivery
on or before Loan Transfer Approval Deadline (§ 3)
at Closing of
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an appropriate letter of commitment from lender. Any cost payable for release of liability will be paid by
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in an amount not to exceed $_____________.
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4.7.
Seller or Private Financing.
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WARNING: Unless the transaction is exempt, federal and state laws impose licensing, other requirements and restrictions on
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sellers and private financiers. Contract provisions on financing and financing documents, unless exempt, should be prepared by a
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licensed Colorado attorney or licensed mortgage loan originator. Brokers should not prepare or advise the parties on the specifics
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of financing, including whether or not a party is exempt from the law.
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4.7.1. Seller Financing. If Buyer is to pay all or any portion of the Purchase Price with Seller financing (§ 4.1),
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Buyer
Seller will deliver the proposed Seller financing documents to the other party on or before _________ days before
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Seller or Private Financing Deadline (§ 3).
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4.7.1.1. Seller May Terminate. If Seller is to provide Seller financing (§ 4.1), this Contract is conditional
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upon Seller determining whether such financing is satisfactory to the Seller, including its payments, interest rate, terms, conditions,
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cost and compliance with the law. Seller has the Right to Terminate under § 25.1, on or before Seller or Private Financing
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Deadline (§ 3), if such Seller financing is not satisfactory to the Seller, in Seller’s sole subjective discretion.
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4.7.2. Buyer May Terminate. If Buyer is to pay all or any portion of the Purchase Price with Seller or private
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financing (§ 4.1), this Contract is conditional upon Buyer determining whether such financing is satisfactory to the Buyer,
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including its availability, payments, interest rate, terms, conditions and cost. Buyer has the Right to Terminate under § 25.1, on or
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before Seller or Private Financing Deadline (§ 3), if such Seller or private financing is not satisfactory to Buyer, in Buyer’s sole
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subjective discretion.
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CBS4-8-13. CONTRACT TO BUY AND SELL REAL ESTATE (LAND)
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