Real estate contracts must be left to the professionals, but it is good to know what is involved and what to expect. Every contract must include mutual assent, consideration, competent parties and a legal purpose.
To have mutual assent means that both parties must voluntarily consent to be bound by the terms of the contract. It includes two key elements of a contract: the offer and acceptance. An offer is a promise to act in a certain way in exchange for another acting in a certain way. To be valid, an offer must be clear and intended to be an offer. Accepting an offer means that the parties are willing to be bound by the terms of the contract. Any contract longer than a year must be in writing to uphold the Statute of Frauds and consent must be given free of fraud, duress or misrepresentation.
How Can Offers Be Terminated?
An offer can be terminated in a variety of ways:
Competent parties means that all parties have the legal capacity to be bound to the terms of the contract. Minors, 18 years and younger, are not legally competent, nor are insane persons or someone that is so intoxicated that they do not understand the contract or its terms.
Legal purpose means that a contract is written for a legal purpose. It does not violate the law, commit any crimes or involve dual contracting (writing two contracts in a way that misleads the lender).
Elements of a Contract
Looking to get your golf game up to par? GolfTEC offers lessons, golf instruction and golf club fittings to get you ready for golf season. Lessons are offered indoors year round, which allows clients to have year round practice opportunities and coaching.
GolfTEC, located at 2767 Iris Ave, Boulder, CO 80304, is a state-of-the-art Training Center staffed with professional golf players as instructors and the best technology around. You will learn the correct technique of your swing with instant playback videos and lessons in angles and speed. You can also have a little fun by playing golf games on a virtual golf course of your choice.
Along with indoor instruction, GolfTEC employees take their clients to the Lake Valley Golf Club for on-course lessons. The goal of GolfTEC is to cater to their students. Whether you've been in the game for years or just starting, GolfTEC customizes a program that is best for you.
Learn more at GolfTEC Boulder
Pizza by far is one of the most popular food items for those looking to treat themselves on a night out. Whether a more traditional pizza for families or an upscale pizza for the foodies out there, Boulder is a hot spot for a wide array of deep dish, Mediterranean style and wood burning oven pizzas. Below are just a few of our favorite spots to go in the downtown area.
Backcountry Pizza and Tap House
The perfect mix of draft beer, good company and pizza. What could be better? Find Backcountry Pizza and Tap House at 2319 Arapahoe Ave, Boulder CO
This pizzeria brings an upscale trendy feel to Boulder. With a modern look, a great bar that runs both inside and outside and a large wood burning oven as a centerpiece to the restaurant, you will be sure to have a great experience. And what makes this restaurant even better? The pizza of course! Not only is there a wide selection of flavors, but Pizzeria Locale serves traditional thin crust pizzas with fresh ingredients giving customers a lighter option to the delivery pizza we tend to think about.
Although not advertised as a pizzeria, The MED is one of the best kept secrets for great pizza. Served straight from their wood burning over, The MED offers a pizza style and flavors that are light and consistent with the Mediterranean cuisine.
Located on The Hill, The Sink has been serving up exceptional burgers and pizza since 1923. With their funky art and unique floor plan, The Sink is an iconic restaurant in Boulder not to be missed. Let your creativity run wild by concocting the perfect pizza that can be shared among a great group of friends. Choose from Honey White or a Honey Whole Wheat Crust, a BBQ, Spicy Buffalo, Pesto or Traditional Pizza Sauce and then finish it off with a plethora of toppings that fit your taste buds.
Find other highly rated pizza places on Yelp
Putting an offer on your home and closing on your home to where you can claim possession are two very different things. The closing comes much later, after inspections, loan estimates, insurance, appraisals and other critical steps are complete. So, what should you expect at closing? Below is a list of steps that go into a successful closing.
You should first review your closing disclosure form. This will most likely be in the form of your HUD-1 settlement statement. The HUD-1, enacted under TRID (TILA-RESPA Disclosure) notifies you of all the costs involved in the loan. You will be able to know your exact mortgage payments, interest rate, loan term and any additional closing cost fees. If you have any questions, you should contact your lender. This statement will be delivered to you three days before closing so that there is enough time to look it over and ask questions. TRID also has made realtors, sellers and buyers aware that any changes can trigger a new three day period, thus making exact closing dates uncertain. Realtors should be aware of this and not overextend themselves with multiple closings back to back.
The Walk Through
It is important to note that the walk through does not allow buyers to make changes to their original inspection. After the Inspection Objection and Inspection Objection Resolution dates have passed, there can be no more changes or requests for repairs. The walk through allows buyers to go over things that have already been noted. The walk through usually takes place the day before closing and makes sure that the home is in the condition that was agreed upon in the contract. It is also important to do a walk through to ensure that the previous owners have vacated according to the contract. If there is an issue based on the condition of the home and on the contracted agreement, take it up with the seller. This could be an example of triggering a new three day waiting period under TRID.
When you get to closing, you should make sure you have proof of homeowners insurance, mortgage insurance, flood insurance if located in a flood-hazardous area, your closing disclosure and loan estimate, the contract, home inspection reports, a photo ID and anything required to approve your loan. You will also need to bring your down payment in the form of Good Funds. This can be a certified check, cashiers check or electronic transfer funds. A checkbook is also good to have on hand in case of the need to make payments for smaller fees.
When it comes to signing documents, there will be a couple of things you must complete. First, you must sign the agreement between you and the lender in regards to your mortgage agreement. You also will sign a document between you and the seller to solidify the transfer of ownership. Sellers must sign documents in the same way that they were signed on the deed and all owners (aka each individual in a marriage) must sign the document. Buyers will need to indicate how they want to take title. The common ways to take title are Sole Owner, Joint Tenancy or Tenants-In-Common. If you are a individual person buying, you would be a sole owner. If you are a couple buying a house together with the same interest and right of survivorship, you are joint tenants. And if you are two or more individuals buying with unequal shares and no right of survivorship, you are tenants in common.
Once all is said and done, at the end of closing, you will get the keys and be homeowners!
The Quick 101 to Real Estate and Law
How real estate interconnects with the law can be somewhat complex. It most often is found in administrative agencies, court opinions and statutes. In regards to constitutional law, real estate interacts in two ways. First, the federal government regulates interstate commerce and statutes such as the Sherman and Clayton Acts, the Real Estate Settlement Procedures Act and Truth-in-Lending. Second private property rights are protected by the state and federal constitutions. Thus, all people have access to their inalienable rights and cannot be deprived of their fair access to the law.
A more common use of real estate and law can be found in court opinions, or precedents, which are answers to legal questions found in prior cases. Court opinions are also considered common law. They are based on systems that are common to an area. Statutes, however, are becoming more important and more used than common law. They can be more comprehensive, focus on the entire problem, are effective more quickly, easier to understand and help increase uniformity in law. Nonetheless, court opinions still help to simplify interpretation by, for example, breaking down a broad issue into a smaller focus and looking at what is normal and custom in an area.
Where real estate really plays a roll is in the function as administrative or regulatory agencies. The Real Estate Commission is an example of an administrative agency makes rules and regulations that has the same effect as the law. These agencies use experts to help settle disputes in a less formal, faster, easier and cheaper way. Therefore, many real estate disputes can be handled outside of court.
Learn more about the Division of Real Estate and their regulations.
Located at 1770 13th Street in downtown Boulder, The Boulder Dushanbe Teahouse not only serves great tea and is a work of art inside and out, but is also a reminder about cultural diversity, global cooperation and international friendship. Located alongside the Boulder Creek, the teahouse has a great patio for the summer or is perfect for cozying up with a warm cup of tea in the winter. The teahouse symbolized peace and global friendship between Tajikistan and its sister city, Boulder, and reminds all of us about the beauty of art, handcrafting and peace.
In 1987, Mayor Maksud Ikramov visited Boulder and announced the plan to build a teahouse in celebration of Boulder's sister city ties. For three years, artisans from Tajikistan masterfully worked on hand carved items and hand painted decorative pieces for the teahouse. In an effort to continue with the tradition in Central Asia where teahouses served as gathering places for friends and family and focused on motifs such as nature, the teahouse was built to reflect tradition. Names of the woodcarvers and painters can be found on a green panel above the kitchen along with the message "artisans of ancient Khojand whose works are magical."
Throughout the teahouse, you will find plentiful structures that represent beliefs and beauty. The ceiling was specially crafted with traditional patterns found in Persian Art. No power tools were used on the ceiling or in any other part of the building. Another spectacle to behold inside the building are the 12 carved cedar columns sent to the teahouse from Tajikistan as a gift. Each column is different and contains intricate carving. The eight exterior ceramic tile panels were also crafted in Tajikistan and indicative of the "Tree of Life." Life sized copper sculptures that represent social justice, morality and appreciation of nature can also be found inside.
Learn more about this symbolic staple to Boulder at The Boulder Dunshanbe Teahouse and check out their menus, tea selection and more
It's Spring time and a great time of year to get down to the Pearl Street Mall in Downtown Boulder. This weekend, there will be a lot of fun activities for families of all ages in honor of Easter. Below are a list of activities.
Easter Egg Hunt
On Saturday, April 15, take the kids down to the 1300th block of Pearl to look for eggs in front of the court house in the grassy area. The event is free, fun, open to everyone and a great community event.
Easter Cooking Class
Head over to the Food Lab on Saturday, April 15 and Sunday, April 16, located at 1825 Pearl Street, to learn how to make Easter Brunch! Cooking items include avocado and pickled radish toast, potato waffles with soft egg, prosciutto and fontina buttermilk brioche french toast with vanilla maple syrup, and a rose water mimosa.
Cherry Blossoms Paint Day
Celebrate Spring and enjoy a day with the family at POSHsplat, located at 2035 Broadway. Here, you will learn how to paint cherry blossoms. This class will include step by step instructions and allow each attendee to paint their own painting. Adults are $30 and children are $10.
For more fun weekend ideas, visit Downtown Boulder
The days are longer and patio season is upon us. And what's a better way to enjoy the weather than grabbing a bite on one of the best patios in Boulder?
The Mediterranean (known as The MED to Boulder locals) is located in downtown Boulder, just off the main drag on Pearl Street. Emulating an Italian Mediterranean cuisine, The Med offers fresh ingredients and traditional items such as tapas, paella and pizzas made in their wood burning oven. Menu inspiration also comes from Spain, Greece, France, Morocco and Lebanon.
As for the patio, feel free to dine on the newly expanded patio with plenty of seating to accommodate guests. Escape to the Mediterranean with their ceramic-style water fountain and colorful tables. Murals and photos throughout the restaurant also allow customers to escape to a different culture, where food, drink, good company and relaxation is valued.
Visit The MED to learn more
Chautauqua is one of the most picturesque places in Boulder. If you can score a house in this neighborhood, the views alone are worth it! Tucked under the Flatirons, you can't get much closer to Boulder's stunning mountains.
Chautauqua was established in the late 1890's when the Texas Board of Regents established a six-week summer school and retreat for teachers. The Texans were attracted to Boulder because of its healthy land, beautiful views, good facilities and public utilities. Still today, Chautauqua is known for its picturesque views, great hikes and park that is wonderful for community gatherings. (To read more ,visit our Blog The Colorado Music Festival).
Properties by this Boulder are single-family Victorian homes. Recently many of these homes have been updated to a more modern style, but the old neighborhood charm still remains. Streets are narrow with minimal parking, but lined with massive trees and large lots. With it's prime location to Pearl Street Mall and the University of Colorado, houses range in the two million dollar price range. Some town homes and rental properties can be found, but those cater mostly to the student body.
To learn more about this neighborhood, visit the Boulder Neighborhood Guide
It is required, in any Buy-Sell Contract in Colorado, that the seller fill out a Seller's Property Disclosure form to be submitted to the buyer. This form includes anything actually known by the seller about their property and should be filled out to the best of their knowledge. Defects that may be revealed pertain to appliances, the electrical, heating, sewer, mechanical systems, the roof, foundation and more. Remember, this form is filled out by the seller, not the real estate agent.The seller cannot be held liable for answering "no" on the Seller's Disclosure if they do not have actual knowledge of the defect.
As for the real estate agent, they are required by law to practice fair and honest business dealings and to disclose any material facts actually known by the agent to the buyer. These can include defects in the structure of the home, proposed transportation projects or zoning regulations.
For homes built before 1978, a Lead-Based Paint Disclosure is also required to be signed by the seller and their broker and to be given to the buyer before the contract is signed. With this form, the buyer should be given a "Protect Your Family From Lead in Your Home" pamphlet as well.
The seller is also obligated to disclose if the home is in a special taxing district, a common interest community that has assessment dues and the home's source of potable water.
Having an Exclusive-Right to Buy and an Exclusive-Right to Sell contract with an agent is the best way to make sure that you have the guidance you need when buying or selling a home. There are a lot of agreements, disclosures and paperwork involved in a contract to sell, so having someone you can trust will make the process much easier.
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I am a real estate professional, serving Boulder and Denver, Colorado. My extensive knowledge of the market, coupled with my commitment to provide extraordinary service, has resulted in hundreds of successful transactions. Let me help you buy or sell your home.