Colorado Contracts #111757-CLOSING PROVISIONS (Sections 12

CLOSING PROVISIONS (Sections 12 - 17 of the CBS1)

Pdf Summary

Sections 12-17 of the CBS1 document outline the closing provisions for a real estate transaction. In section 12, it states that the seller and buyer will work with the closing company to prepare and deliver the necessary closing documents. The buyer's lender is responsible for providing all loan documents and financial information to the closing company. Both the buyer and seller are required to provide any additional information or documents needed for the transaction. At closing, the seller will deliver a set of keys to the buyer. <br /><br />Section 13 discusses the transfer of title. The seller must execute and deliver a deed to the buyer at closing. The type of deed can be chosen by the parties, with a special warranty deed being the default option. <br /><br />Section 14 addresses the payment of liens and encumbrances. Any amounts owed on liens or encumbrances against the property will be paid by the seller before or at closing, unless agreed upon by the buyer in writing. <br /><br />Section 15 covers closing costs, fees, and disbursements. Both the buyer and seller are responsible for paying their respective closing costs. The fee for real estate closing services will be paid at closing, with the responsible party determined by checkboxes. Association fees, transfer taxes, and utility transfer fees may also be paid at closing as specified in section 15. <br /><br />Section 16 discusses prorations and association assessments. This includes prorating taxes, rents, and other charges to the closing date. Current association assessments will be credited to the seller at closing, but any special assessments for improvements already installed will be the seller's responsibility. <br /><br />Finally, section 17 addresses possession of the property. The buyer will receive possession on the possession date, subject to any leases and post-closing occupancy agreements. If the seller fails to deliver possession, they may be subject to eviction and additional liability. The buyer is required to represent that they will occupy the property as their principal residence, unless otherwise indicated.

Keywords

real estate closing

closing documents

buyer lender

title transfer

special warranty deed

liens payment

closing costs

prorations

association assessments

possession date