Colorado Contracts

2012 Real Estate Commission Approved Contracts and Forms

The following forms are promulgated by the Real Estate Commission and are within the purview of Rule F.

Pursuant to Commission Rule F-7, real estate brokers are required to use Commission-approved forms as appropriate to a transaction or circumstance to which a relevant form is applicable. In instances when the Commission has not developed an approved form within the purview of this rule, and other forms are used, they are not governed by Rule F. If a real estate broker is a party to a transaction (e.g., listing contract, or a purchase and sale contract and broker is acting as a principal), such broker may engage counsel to prepare a form for the transaction so long as the form conspicuously states the form is not a Commission-approved form. If a real estate broker uses an attorney-prepared form as provided in Rule F-7, such broker shall continue to be responsible to make all required disclosures to all parties under applicable laws, rules and regulations governing real estate brokers. Other forms used by a broker shall not be prepared by a broker, unless otherwise permitted by law.

The majority of real estate transactions in Colorado are represented by a licensed real estate agent. In Colorado, all licensed agents are required by state regulation to use CREC approved contracts (see above). The agent’s license to engage in real estate brokerage gives that same agent the ability to give limited legal advice to the public as it pertains to those contracts. A Colorado real estate agent is authorized to explain the terms and conditions of such contracts and to help the public prepare & present these important documents. But there is an exception: if either party to the transaction or their attorney drafts the contract then real estate agents are not allowed to offer advice on non-CREC approved contracts. Only a Colorado licensed attorney is able to do so.

There are virtually dozens of contracts available through the Division of Real Estate, the regulatory agency governing Real Estate transactions. We will of course prepare all of the necessary contracts to ensure that your transaction goes smoothly. If you wish to see sample contracts they are located at:

http://www.dora.state.co.us/Real-estate/contracts/contracts2012.htm

 

Source: dora.state.co.us