Colorado Contracts & Forms Review (2hr) #109783-AGREEMENT (Sections 1

AGREEMENT (Sections 1 - 4 of the CBS1)

Pdf Summary

Sections 1-4 of the CBS1 outline the agreement between the buyer and seller in a real estate contract. Section 1 establishes that the buyer agrees to purchase the property described in the contract, and the seller agrees to sell it. Section 2 identifies the parties involved, the property, and specifies the way in which the buyer will take title to the property. It also determines the inclusions in the purchase price, such as attached items, personal property, and leased items.<br /><br />Section 3 focuses on dates, deadlines, and applicability. It clarifies that deadlines left blank or marked "N/A" are not applicable. It also explains how the term "day" is understood and how periods of days are computed. It further states whether deadlines will be extended if they fall on weekends or holidays.<br /><br />Section 4 discusses the purchase price and terms of payment. It specifies the amount and form of payment, as well as any credits or concessions from the seller. It addresses the handling of earnest money, including the form of payment and the disposition if the contract is terminated. It also explains the types of funds accepted at closing and the time of payment. Lastly, it provides details on new loan arrangements, assumptions, and seller or private financing, highlighting the importance of following legal requirements and seeking professional advice.<br /><br />These sections of the CBS1 provide crucial details about the agreement, parties, property, inclusions, deadlines, and financial aspects of the real estate contract.

Keywords

real estate contract

buyer

seller

property

purchase price

title

inclusions

deadlines

payment terms

earnest money