Once you’ve found right property, you need to put together your best purchase offer. Most buyers use the standard contract developed by the Colorado Real Estate Commission. In Colorado, the law requires real estate agents to use this form however the Real Estate Commission allows us to delete irrelevant clauses or add additional provisions designed to protect our client’s interests. Buyers, or any attorney they hire, can draft a purchase offer without using this form. In most cases though, if you hire an attorney, he or she will probably use the standard Colorado form as well. The standard form does a good job of covering most issues in a manner consistent with Colorado law and practice. When filled out properly, the contract includes many safeguards for both buyers and sellers. The standard form is familiar to agents and other professionals involved in real estate transactions. Its use simplifies the process for everyone.
Don't Go it Alone
Whether or not you use this form, you shouldn’t try to make a purchase offer on your own. Buyers who attempt this without a good buyer broker, a good real estate attorney, or both, are asking for trouble. We want to emphasize the word “good” here. If your real estate agent doesn’t have a buyer broker agreement with you, that agent is not obligated to protect your interests. In important respects, they must refrain from doing so under current Colorado law. In an abundance of caution, be sure of your agent's experience and training. If they don’t have substantial experience and training, or good backup in their office, they probably can’t do a good job for you either.
Do I need an Attorney?
In Colorado, all but the most complicated real estate transactions close without the help of an attorney. This is precisely why Colorado law requires agents to use the standard contract. If you are planning to consult with an attorney about your purchase contract, be sure he specializes in real estate law. If not, he or she may know little more about the Colorado real estate contract or practices than you do. When you are ready to put together your best purchase offer, you need to work with someone who knows what they are doing and has a legal responsibility to protect your interests. We cannot emphasize that enough!