Colorado Wholesaling Purchase and Assignment Agreements

[Kenya McCormack]

Hi All,

I viewed the RE contract form 'CBS1 Contract to Buy and Sell, Residential" on Colorado.gov. It is very lengthy.  I have viewed the purchase agreements and assignment agreements on BP.  Do any Colorado Wholesalers have examples of the forms they use for each?  I am hoping to find a simplified form that someone with more experience than myself already knows is legal in Colorado.  It would be greatly appreciated.

Thanks!

Kenya

[Bill S.]

@Kenya McCormack it is my opinion that the standard form contract protects both parties equally and a well written contract provides a competent buyer with more that enough safeguards. As for sellers becoming overwhelmed with all the pages. I have found that telling them it's the state authorized form provides them with more security than having a one or two page document. I have talked to a couple local RE attorneys and they agree. It is their position that anyone using a non-standard form contract would have egg on their face in front of a judge. It would do one of two things, make it look like you are trying to pull a fast one on the sellers or look like you are ignorant of real estate law. Neither would be good.

If the contract overwhelms you then there are title companies that sponsor classes that cover the contract on a line by line basis. It's part of continuing education required for licensed brokers. You would do well to take that class or attend a similar class from a local real estate school. Know this, every one of the lines in the standard form contract is there because of multiple cases where the subject was an issue in real estate transactions.