Colorado Contracts #111757-TRANSACTION PROVISIONS (Sections 5

TRANSACTION PROVISIONS (Sections 5 - 9 of the CBS1)

Pdf Summary

Sections 5-9 of the CBS1 document provide information on various provisions related to financing conditions, appraisals, owners' associations, title insurance, and surveys.<br /><br />In Section 5, the document states that if the buyer intends to obtain a new loan for the purchase, they must submit an application by the specified deadline and make reasonable efforts to obtain loan approval. The buyer has the right to terminate the contract if the loan terms or availability are not satisfactory to them.<br /><br />Section 6 explains the appraisal process and the buyer's rights if the appraised value is less than the purchase price. It also mentions specific provisions for FHA and VA loans.<br /><br />Section 7 discusses the obligations and financial responsibilities of the buyer as a member of an owners' association, including the need to review and understand the association's governing documents.<br /><br />Section 8 focuses on title insurance and the buyer's right to review title documents and object to any unsatisfactory conditions. It also mentions the importance of investigating special taxing districts and potential oil, gas, and mineral rights.<br /><br />Section 9 covers the requirements and procedures for obtaining a new improvement location certificate (ILC) or survey. The buyer has the right to waive or change the selection of a new ILC or survey and can object to any unsatisfactory issues related to the ILC or survey.<br /><br />Overall, these sections provide important information and guidelines for buyers regarding financing, appraisals, owners' associations, title insurance, and surveys in the real estate transaction.

Keywords

financing conditions

loan application deadline

loan approval

contract termination

appraisal process

FHA and VA loans

owners' association obligations

title insurance review

special taxing districts

improvement location certificate