Overview of Changes Made… Cont’d
Changes recommended include making dates “moveable” for Title Resolution Deadline, which will prevent deadlines occurring prior in time.
They also addressed an issue in the section of the contract that covers how home buyers may terminate the home buying contract. This section is grounds for terminating if something is uncovered during a home inspection, which previously read “any unsatisfactory physical condition of” the Property. That sentence now reads “Buyer has the Right to Terminate under Section 25.1·if the Property or Inclusions are unsatisfactory in Buyer’s sole discretion.” This more open and inclusive language protects home buyers interests because if something turns up during this phase of the process that is not arguably unsatisfactory physical condition, but is unsatisfactory to the buyer none the less, it is still grounds for terminating the contract.
In Section 10.6, the Forms Committee followed the Colorado Buyers Agents Association suggestion and deleted language that stated the Seller had to deliver Due Dilligence Documents “to the extent such Due Dilligence Documents exist and are in the Seller’s possession.” This now reads that the seller must deliver the documents or the buyer can terminate the contract.
In the future, the Colorado Buyers Agents Association forms committee is not only working to ensure that all of the language and sections of the standard forms are fair to both parties, but also working to recommend some significant additions to the form for areas of the process that have not been previously covered and leave home buyers exposed.
All Home Buyers In Colorado Now Receive Improved Protection
It should be a comfort to all home buyers in Colorado that there are buyer’s agents and their attorneys carefully combing through all real estate documents and ensuring that all language is fair to both buyers and sellers, and not favoring only sellers.
Colorado Buyer’s Agents Always Working to Protect Your Interests
This is a clear example of the ways that a home buyer working with a buyers agent receives superior protection. If you are interested in working with a buyers agent for your next home purchase, you may contact us by calling our office or filling in our find an agent form. As always, these consultations are free and no obligation.