Colorado Contracts & Forms Review (2hr) #109783-TRANSACTION PROVISIONS (Sections 5

TRANSACTION PROVISIONS (Sections 5 - 9 of the CBS1)

Pdf Summary

Sections 5 to 9 of the CBS1 contract outline various transaction provisions related to financing conditions and obligations, appraisal provisions, owners' associations, title insurance, and new improvement location certificates or surveys.<br /><br />In the financing conditions and obligations section (Section 5), it is stated that the buyer must make a loan application before the new loan application deadline and make reasonable efforts to obtain the loan. The buyer has the right to terminate the contract if the new loan terms are not satisfactory or if the new loan availability is not satisfactory, but this right does not apply to other factors such as appraised value or property requirements.<br /><br />The appraisal provisions section (Section 6) explains that an appraisal is an opinion of the property's value and sets out the steps to be taken if the appraised value is less than the purchase price. Different provisions apply depending on the type of loan. For FHA and VA loans, there are specific requirements and options.<br /><br />The owners' associations section (Section 7) highlights that if the property is located within a common interest community, the buyer will be subject to the rules and regulations of the association. The seller must provide the association documents to the buyer, and the buyer has the right to terminate the contract if they find any unsatisfactory provisions.<br /><br />The title insurance section (Section 8) discusses the evidence of record title, off-record title, special taxing districts, and the buyer's right to review and object to the title. If the buyer objects to any title matters, there are options for resolution or termination of the contract.<br /><br />The new improvement location certificates or surveys section (Section 9) explains the requirements, payment, and delivery of a new ILC or survey. The buyer has the right to waive or change the selection and can object to the new ILC or survey if not timely received or if unsatisfactory.<br /><br />Overall, these sections detail various conditions, deadlines, and rights related to financing, appraisals, owners' associations, title insurance, and surveys within the CBS1 contract.

Keywords

CBS1 contract

transaction provisions

financing conditions

loan application

appraisal provisions

appraised value

owners' associations

title insurance

improvement location certificates

surveys