Buying Colorado Real Estate - an Attorney’s Role
Are you considering purchasing property? Are you confused on the roles of all the different people involved? Do you know that these are the experts that will both have your best interest in mind, and not make any costly mistakes? Having an attorney as a second set of eyes to quickly review your purchase contract in a Colorado home sale might save you time, money, and stress in the long run.
Who are all these people involved and why are they sticking their noses in the purchase of my new home?
In the sale of a residential home, real estate agents, mortgage companies, title companies, and other interested parties are involved in the sale of a residential home in Colorado. In actuality, the only required people involved are the buyer and the seller. So why are all these people here? You’ve likely heard many horror stories about home-buyers finding out that they are going to have to pay for thousands of extra dollars to fix one thing or another. These parties are all here to try and efficiently plan for disputes such as the horror stories you’ve heard.
Colorado real estate brokers are limited to using the standard Colorado Real Estate Commission Contract (“CREC form”) for the purchase of residential real estate. Real estate brokers are great at assisting buyers in their search to find the perfect home, but when it comes to the purchase contract, an attorney may prove helpful because they are not limited to a CREC form.
The Colorado Form Contract states “important legal consequences” may stem from the agreement and that a “party should consult legal and tax or other counsel before signing.” That warning is stated at the top of the first page, and there is an entire section, 19, dedicated to this recommendation for additional counsel. The Colorado Real Estate Commission consciously put these words in to protect parties using the Colorado Form Contract. It also helps these parties to understand that a real estate agent cannot practice law and is limited to filling out the blanks on the Colorado Form Contract.
How can an attorney help me when purchasing a home in Colorado?
Attorneys can help Colorado buyers in a number of ways. Attorneys can help parties to understand the CREC form, advise on deadline dates, prepare an offer that complies with Colorado’s statute of frauds, explain the process and common areas of dispute during the Seller’s Disclosures, and adjust the CREC form to uniquely fit your situation, which is not allowed by real estate brokers.
Can I afford an attorney?
Relative to the size of a residential real estate transaction, paying an attorney to review your purchase contract will not cost much. Attorneys who specialize in Colorado residential real estate transactions are familiar with common issues that arise in the Colorado Form Contract and will not need to spend excessive hours reviewing your contract. Peace of mind is priceless and having the legal experts at GLO review your purchase agreement for a new house can lead to fewer headaches in the future.
How can GLO help?
GLO specializes in working with clients across Colorado to purchase homes. If you’re purchasing a home, with or without the help of an agent or broker, GLO helps reduce your stress by having an attorney review the purchase contract.
Please fill out an Intake Form to inquire about working with GLO.
GLO has prepared this blog to provide general information on legal issues that may be of interest. This blog does not provide legal advice for any specific situation, and this does not create an attorney-client relationship between any reader and GLO or its attorneys. GLO engages clients only through specific fee arrangements and signed engagement letters. GLO does not guarantee any results.