Colorado Residential Purchase and Sale Agreement
A Colorado residential purchase and sale agreement form is a legal form that outlines in detail the terms and conditions of a property transaction between a buyer and a seller. It covers critical information such as the purchase price, financing options, and contingencies. Additionally, the agreement includes specifics about the sale’s closing and binds the parties together. Colorado state law mandates that sellers provide a disclosure statement with a Colorado residential purchase and sale agreement. This statement informs the buyer about the property’s condition and any known issues or previous problems.
Purchase Agreement Timeline
- Day 1 – The Seller accepts the buyer’s offer.
- Day 2-14 – The agreement is drafted then both parties sign the purchase agreement.
- Day 15-25 – The buyer usually schedules the home inspection and the Title Search begins.
- Day 26-70 – Financing is secured. The seller starts to move out (vacate) the property.
- Closing Day – The home sale is complete once both parties sign the purchase agreement.
Lead-Based Paint Disclosure – Any housing structure built before 1978 requires lead paint disclosure under federal law.
Radon Disclosure – Must disclose any knowledge of radon concentrations, issue a warning statement, and provide a copy of the radon and real estate brochure.
Source: § 38-12-803
Colorado Division of Real Estate
Colorado Realtors Association Real Estate Forms