Colorado Contracts & Forms Review (2hr) #109783-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 the sale of a property. <br /><br />Section 12 covers the closing documents and instructions. The buyer's lender is required to provide all necessary loan documents and financial information to the closing company. Both the buyer and seller must provide any additional information or documents required by the closing company. They must also sign and complete all necessary documents before the closing.<br /><br />Section 13 relates to the transfer of title. The seller must execute and deliver a good and sufficient deed to the buyer at the closing. The type of deed used will depend on the checkboxes selected in this section.<br /><br />Section 14 addresses the payment of liens and encumbrances. Any amounts owed on liens or encumbrances on the property must be paid by the seller from the proceeds of the transaction.<br /><br />Section 15 covers various closing costs and fees that must be paid by the buyer and seller at closing. This includes the fee for real estate closing services, association fees, local transfer tax, sales and use tax, private transfer fees, water transfer fees, and utility transfer fees.<br /><br />Section 16 discusses prorations and association assessments. Taxes, rents, and other charges are prorated to the closing date. Current association assessments are credited to the seller, while any special assessments are the responsibility of the buyer or seller as specified in additional provisions.<br /><br />Section 17 addresses possession of the property. Possession will be delivered to the buyer on the possession date, subject to any leases or post-closing occupancy agreements. If the seller fails to deliver possession, they may be subject to eviction and liable for daily payment to the buyer. The buyer must indicate whether they will occupy the property as their principal residence or not. If not, a post-closing occupancy agreement may be executed.

Keywords

closing provisions

sale of property

closing documents

transfer of title

payment of liens

closing costs

prorations

association assessments

possession of property

post-closing occupancy agreement