Assignment Of Real Estate Purchase Agreement (Page 3 of 10) in pdf

THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD

CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING.

ADDENDUM TO RESIDENTIAL CONTRACT

TO BUY AND SELL REAL ESTATE

(Contract for Deed)

(The following addendum and additional provisions have not been approved by the Colorado Real Estate Commission)

Date: _____________________

This agreement is an addendum to the contract dated {{___________}} by and between {{___________}} (Seller) and

{{_____________}} (Buyer), relating to the sale and purchase of the following legally described real estate in the County

of {{county}} Colorado:

also known as __________________________

The TOTAL purchase price is ${{_______________}} which includes a down payment of $

_________________, with the balance financed with a promissory note for ${{________________}} including

interest that is  adjustable or  fixed (check one) at the rate of {{___________}}% per annum, with monthly

 interest only  principal and interest (check one) payments of approximately $______________ due on the

first day of each and every month beginning on {{_________}} and continuing until {{___________}} (“Balloon

Date”), if not sooner paid in full. The promissory note will require a late payment of {{___________}} % for each

payment note received within {{___________}}. The default interest rate shall be at {{____________}}% per

annum.

Check if applicable  INSURANCE & PROPERTY TAXES. Monthly payments by buyer shall be

increased by 1/12 of the estimated annual property taxes and hazard insurance which are currently estimated

at $_____ per month for Property Taxes and $_________ per month for Hazard Insurance, both rounded to the

nearest $1.00. Any applicable homeowner’s association dues will be paid directly to the homeowner’s

association by the Buyer and are not included in the monthly payment as stated above.

Purchaser and Seller herein agree that in the event there is an underlying adjustable rate note and first deed of

trust encumbering subject property, the parties agree that this Contract For Deed and promissory note shall

also contain the exact same change dates and the exact same change increments as the underlying first note

and deed of trust.

This transaction will be completed by means of a Contract for Deed, also known as an Installment Land

Contract that will be prepared by an attorney. If an underlying loan exists, this is NOT an assumption of such

loan(s).

The Seller shall have the right to impute a prepayment penalty of ___________% of the outstanding principal

balance should this contract be paid off within _________ months after date of closing or to exactly match any

prepayment penalty existing on any underlying encumbrance, if any..

Closing Fees shall be paid as follows:

FEE

AMOUN

PAID BY

PAID

SELLER

BUYER

Legal documents prepared for Rocky Mountain Fidelity Escrow Services, LLC by

Parham Law Firm

Closing and Escrow Set up Fee Rocky Mountain Fidelity Escrow Services, LLC

Annual Escrow Fee (1

year)

Public Trustee annual escrow impound fee (1

year)

Filing fee to public trustee

Default Escrow (upon delivery of deed this fee is returned to Purchaser. If

Purchaser defaults fee is retained by Rocky Mountain Fidelity Escrow Services, LLC

Monthly and other periodic payments will be handled by Rocky Mountain Fidelity Escrow Services, LLC, which

will also act as Escrow Agent for the parties.

All of Rocky Mountain Fidelity Escrow Services, LLC’s fees for servicing and annual maintenance shall be paid

by ______ Purchaser or ________ Seller (check one). The monthly fee is $__________ which shall be added

to the monthly payment due, making a total monthly payment of approximately $__________________.

This property is being sold in an “AS IS” condition with NO warranties, expressed or implied, unless so noted

under an agreed inspection clause.

The Seller is NOT offering title insurance. Purchaser will be provided a copy of the property title report upon

request.

Assignment Of Real Estate Purchase Agreement Page 3

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