A Second Set of Eyes Never Hurts: An Attorney’s Role in a Colorado Real Estate Purchase Contract
For many, purchasing a home is the largest transaction a person enters in their life. With real estate brokers, appraisers, mortgage lenders, and sellers all feeding you information during the home purchase process, you may resist adding attorneys to the mix. However, this blog explains why having an attorney quickly review your purchase contract in a Colorado home sale might save you time, money, and stress in the long run.
Am I legally required to have an attorney when purchasing a home in Colorado?
No, it is not a legal obligation to have an attorney when purchasing a home in Colorado. However, Colorado real estate brokers are limited to using the standard Colorado Real Estate Commission Contract (“Colorado Form Contract”) for the purchase of residential real estate. Real estate brokers are great at assisting buyers in their search to find the perfect home, but when it comes to the purchase contract, an attorney may prove helpful because they are not limited to a Colorado Form Contract.
The Colorado Form Contract states “important legal consequences” may stem from the agreement and that a “party should consult legal and tax or other counsel before signing.” The Colorado Real Estate Commission consciously put these words in to protect parties using the Colorado Form Contract. It also helps these parties to understand that a real estate agent cannot practice law and is limited to filling out the blanks on the Colorado Form Contract.
How can an attorney help me when purchasing a home in Colorado?
Attorneys can help Colorado buyers and sellers in a number of ways. Attorneys can help parties to a residential real estate purchase agreement understand the terms of the Colorado Form Contract, advise on deadline dates, explain the process and common areas of dispute during the Seller’s Disclosures, and adjust the Colorado Form Contract, which is not allowed by real estate brokers.
Can I afford an attorney?
Relative to the size of a residential real estate transaction, paying an attorney to review your purchase contract will not cost much. Attorneys who specialize in Colorado residential real estate transactions are familiar with common issues that arise in the Colorado Form Contract and will not need to spend excessive hours reviewing your contract. Peace of mind is priceless and having the legal experts at GLO review your purchase agreement for a new house can lead to fewer headaches in the future.
Conclusion:
Purchasing a home is exciting! Let GLO help reduce your stress by having an attorney review the purchase contract. GLO specializes in working with clients across Colorado to purchase homes. Fill out an interest form today to see if GLO can help you.
GLO has prepared this blog to provide general information on legal issues that may be of interest. This blog does not provide legal advice for any specific situation, and this does not create an attorney-client relationship between any reader and GLO or its attorneys. GLO engages clients only through specific fee arrangements and signed engagement letters. GLO does not guarantee any results.