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Real estate brokers are required to use Commission approved contracts and forms as appropriate to a transaction or circumstance.
Reminder: For educational purposes only,.
On May 10, 2019, the Colorado Real Estate Commission (Commission) adopted a change to the Contract to Buy and Sell Real Estate (CBS) forms, and also adopted a new Closing Instructions form. These forms are madatory on July 1, 2019. The only change to all the CBS forms (Residential, Income-Residential, Commercial, Land, and Foreclosure Protection Act – Residential) is in Section 13 – “Transfer of Title”. The modification to this section was due to the recent passing of HB19-1098 (Deeds to Convey Real Estate). As a result, the new section 13 incorporates language that if title is conveyed by a warranty deed, it will be conveyed “subject to statutory exceptions” which are defined in §38-30-113(5)(a), C.R.S.
The Commission also adopted a new Closing Instructions form. The new form contains updated sections including “Preparation of Documents” by the closing company regarding the Deed, Bill of Sale, and Closing Statement; “Wire and Other Frauds”; and “FIRPTA and Colorado Withholding”. As of July 1, 2019, only the newly adopted mandatory Closing Instructions form will be acceptable for use in your transactions.