New Closing Instructions form for real estate transactions as of July 1, 2019

New Closing Instructions form for real estate transactions as of July 1, 2019

Due to the passage of Colorado House Bill 19-1098 known as “the deeds bill,” changes have been made to the Colorado Division of Real Estate’s standard form, Contract to Buy and Sell Real Estate (Residential). In addition to the changes to this contract, House Bill 19-1098 also necessitated changes to the Closing Instructions form used in Colorado real estate transactions.

Psychologically impacted or stigmatized homes

Psychologically impacted or stigmatized homes

When listing a home with a real estate agent, sellers of psychologically impacted or “stigmatized” homes often ask if a seller needs to disclose a something such as a murder or suicide occurring on the property. The answer is not the same across all states, but luckily, in Colorado, we have some guidance from the legislature.

How do you know you’ve gotten true market value of your home?

Market value is defined as the amount a home can be sold for in a given market. It is the most probable price that a property should expect to receive during a competitive and open market under all conditions requisite to a fair sale with the buyer and seller each acting prudently, knowledgeable and assuming the price is not affected by undue stimulus.

Minimum service requirements for real estate brokers

Minimum service requirements for real estate brokers

Homebuyers and home sellers hire real estate brokers to assist them with what is commonly the largest financial transaction in most people’s lives. In today’s real estate world, there is a copious variety of business models seeking to serve the needs of homebuyers and sellers. As markets change, types of real estate business models change and evolve with the market. When the market heated up prior to the recession, a business model evolved called limited service companies. The fees charged and services rendered varied greatly. The fees, commissions, and services are 100 percent negotiated between a broker and their principal. The Division of Real Estate does not regulate commissions or services offered. However, the level of services dropped so low, in some cases, that both brokers and their clients were contacting the Division of Real Estate for clarity regarding the minimum amount of service required was to serve the home buying and selling public.