As a trusted real estate agent, I understand that navigating the intricacies of contracts can be a daunting task. I aim to empower both buyers and sellers with essential knowledge about the Colorado contract deadlines and definitions. Whether you’re a first-time homebuyer or an experienced seller, understanding the timelines and terms outlined in the Colorado contracts is crucial for a smooth and successful transaction. In this blog, we’ll break down the key deadlines and definitions, providing you with the information you need to confidently embark on your real estate journey. Let’s delve into the world of Colorado real estate contracts together!
Earnest Money Deadline: MEC + 3 Business Days
(Buyer is responsible for delivering earnest money to title)
Seller’s Property Disclosure Deadline: MEC + 2 Days
(Seller’s deadline to provide this disclosure to Buyer to review)
Lead-Based Paint Disclosure Deadline: MEC + 2 Days
(Seller’s deadline to provide this disclosure to Buyer to review – for homes built prior to 1978 only)
Lead-Based Paint Termination Deadline: MEC + 7 Days
(Buyer’s deadline to terminate due to Lead Based Paint concerns)
Due Diligence Documents Delivery Deadline: TBD – property dependent
(Seller’s deadline to provide requested disclosures to Buyer to review)
Due Diligence Documents Objection Deadline: TBD
(Buyer’s deadline to object due to Due Diligence documents concerns)
Due Diligence Documents Resolution Deadline: TBD
(Buyer’s deadline to terminate due to Due Diligence documents)
Record Title and Tax Certificate Deadline: MEC + 7 Days
(Title Company provides Title Commitment and Tax Certificate to Buyer and Seller for review)
Record Title Objection Deadline: MEC + 9 Days
(Buyer’s deadline to object due to title concerns)
Off-Record Title Deadline: MEC + 7 Days
(Seller provides Buyer any additional title information that is not of public record)
Off-Record Title Objection Deadline: MEC + 9 Days
(Buyer’s deadline to object due to title concerns)
Title Resolution Deadline: MEC + 10 Days
(Buyer’s deadline to come to a resolution with the Seller or terminate due to title concerns)
New Loan Application Deadline: Typically Completed by MEC
(Buyer’s deadline to obtain a pre-approval letter)
New Loan Terms Deadline: MEC + 7 Days
(Buyer’s deadline to terminate due unacceptable loan terms such as interest rates, conditions, costs and payments)
New Loan Availability Deadline: MEC + 24 Days
(Buyer’s deadline to receive loan approval from Lender. Lender must deliver and Buyer must sign a Closing Disclosure (CD) at least 72 business hours prior to the closing date in order to close on time.)
Inspection Termination: MEC + 7 Days
(Buyer’s deadline to terminate without submitting an objection to Seller)
Inspection Objection: MEC + 7 Days
(Buyer delivers inspection objection to Seller)
Inspection Resolution: MEC + 9 Days
(Seller delivers inspection response to Buyer)
Property Insurance Termination Deadline: MEC + 9 Days
(Buyer’s deadline to find acceptable home insurance and provide info to Lender)
Association (HOA) Documents Deadline: MEC + 7 Days
(Title Company to provide Association documents to Buyer and Seller for review)
Association (HOA) Documents Termination Deadline: MEC + 9 Days
(Buyer’s deadline to terminate due to Association documents)
Appraisal Deadline: MEC + 21 Days
(Buyer’s deadline to receive an appraisal report from the Appraiser)
Appraisal Objection Deadline: MEC + 22 Days
(Buyer’s deadline to deliver appraisal objection to Seller due to low appraised value and/or required conditions to close)
Appraisal Resolution Deadline: MEC + 23 Days
(Seller and Buyer’s deadline to resolve appraisal concerns)
New ILC or New Survey Deadline: TBD – property dependent
(Buyer’s deadline to perform an Improvement Location Certificate (like a mini survey))
New ILC or New Survey Objection Deadline: TBD
(Buyer’s deadline to object due to Improvement Location Certificate (like a mini survey) findings)
New ILC or New Survey Resolution Deadline: TBD
(Seller and Buyer’s deadline to resolve ILC concerns)
Conditional Sale Deadline: TBD – property dependent
(Buyer’s deadline to sell their existing residence in order to qualify to purchase the new property)
Closing Date: MEC + 30 Days
(Closing appointment at Title Company)
Possession Date: MEC + 30 Days
(Date for Buyer to obtain possession of the property)
Possession Time: Upon Delivery of Deed and Funding
(Time of day for Buyer to obtain possession of the property)
Acceptance Deadline Date: 24 Hours from offer submission
Acceptance Deadline Time: 24 Hours from offer submission