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JEROME GERAGHTY

GLO specializes in Real Estate and Business Law, including Real Estate Transactions, Buying and Selling a Home, Real Estate Investment and Landlord Issues; Business Formation and Development; and Contractor Issues and Mechanics’ Liens

 

review of a colorado Home purchase/sale agreement

Purchasing a home is a major investment with numerous legal considerations. GLO’s experienced real estate attorney can guide you through complex legal terms, identify potential risks, and ensure the contract aligns with your best interests, helping you understand your rights and obligations. This ultimately minimizes potential liability and facilitates a smooth property transfer.

Legal counsel can also assist with due diligence, such as reviewing the title commitment or navigating inspection issues, and, perhaps most importantly, provide support if any issues or questions arise. Having counsel on your side brings peace of mind by 1) ensuring the contract is properly prepared and that you are fully informed to minimize risks, and 2) providing you with someone familiar with the contract details to consult with quickly if issues arise.

GLO offers consultations to review offers before acceptance, providing guidance on minimizing liability and ensuring a smooth transfer.

Reviewing a Real Estate Agent Prepared Agreement

Colorado law permits real estate agents to complete state-approved forms but does not allow them to draft contracts or practice law. Real estate agents are prohibited from deviating from these forms or adding significant clauses or addendums without attorney assistance.

In Colorado, real estate agents are licensed by the Colorado Division of Real Estate, which oversees the Colorado Real Estate Commission (CREC). CREC publishes the standardized contracts and forms that licensed agents can use without engaging in the unauthorized practice of law. For example, CREC’s “CONTRACT TO BUY AND SELL REAL ESTATE” forms include a bold, prominent recommendation advising buyers and sellers to “consult legal and tax or other counsel before signing” to fully understand their rights and obligations.

While CREC requires real estate agents to be proficient in using these forms, each CREC contract emphasizes that “important legal consequences” may stem from the agreement, advising all parties to seek independent legal counsel before signing. Real estate agents are skilled in areas like location, pricing, comparables, and negotiation; they are not licensed to provide legal advice.

Reviewing a New Build Purchase Agreement

Builders of new construction are not required to use CREC approved form contracts. Since these new build contracts are typically written by the builder’s attorney in the builder’s favor and may lack standard provisions and protections in the CREC contract, buyers are well advised to have an attorney review any contract for new construction purchases. GLO has experience preparing new build contracts for builders and in reviewing new build contracts for prospective buyer.

WORK with glo

GLO reviews Colorado real estate contracts offers before acceptance, helping to identify potential issues, reduce liability, and facilitate a smooth transaction. This consultation also establishes an attorney-client relationship, ensuring you have reliable legal support for any further issues that may require additional counsel.

Contact GLO today to learn how our expertise can help make your transaction as seamless as possible.

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Featured
Colorado’s Standard Residential Buy Sell Contract Made Easy
Colorado’s Standard Residential Buy Sell Contract Made Easy

Are you buying or selling a home on the Front Range? The Colorado Real Estate Commission requires all real estate brokers use a standard contract for the buying and selling of a home. Thus, you should read this blog to become more familiar with this contract before buying or selling your Colorado home.

Transaction Brokers vs. Buyer or Seller’s Agents
Transaction Brokers vs. Buyer or Seller’s Agents

In Colorado, a real estate agent can have two types of relationships with buyers or sellers. They can either be a transaction broker, or they can be an agent that represents one specific party in a real estate transaction. The two roles have some key differences, and it is important that you, as the buyer or seller, know who you’re dealing with to ensure a smooth transaction. This blog breaks down the key differences and demonstrates why seeking out an attorney may still be in your best interests when buying or selling real estate.

Gift Letters: Using Gifted Money for the Purchase of Your Colorado Home
Gift Letters: Using Gifted Money for the Purchase of Your Colorado Home

Are you looking to purchase a home in Denver, Boulder, Adams or Arapahoe County, or anywhere else along the Front Range? Do you plan to use gifted money for your down payment? If so, ensure that your lender’s underwriter declares you as financially fit using a gift letter.