3 Biggest Changes to 2019 Contracts

The Real Estate Commission made substantial changes to the 2019 contract forms.  We have several upcoming CE classes to explain the changes, but here is a sneak peek at the 3 revisions.

New Inspection Termination

The 2019 contract inserts a new date, the Inspection Termination Date. The buyer can terminate any time before expiration of the Inspection Termination Date.  This date could be useful in situations where the parties want the buyer to waive objection rights while maintaining termination rights. However, this new date will undoubtedly lead to some confusion depending on how the new date lines up with the other inspection dates.

New Deed Default

The 2019 contract defaults to a special warranty deed and the contract discusses what exceptions should be placed on the recorded deed.  Brokers are going to find themselves having to explain the difference between the different deed types to their clients, as well as the exceptions.  As this article is written the Land Title Association of Colorado is also working on legislation to clarify some of the deed issues. Stay tuned.

New HOA Documents

If you thought it was difficult getting CIC documents from HOA management companies, things are going to get worse.  The new contract requires the seller to disclose additional HOA documents, including such things as the HOA insurance policy.

Here is a list of our classes taught by Greg Parham

Each class is 1 hour with 1 FREE CE credit.
Many of these locations have limited seating, so advance registration is required.

DECEMBER 4, 2018  @ 10:00AM
First Alliance Title – Central Office
1777 S. Harrison St #1100 Denver, CO 80210 in conference room B

DECEMBER 12, 2018 @ 10:00 AM
Guild Mortgage Company:
6465 Greenwood Plaza Blvd #180 Denver, CO 80111

DECEMBER 13, 2018 @ 1:30 PM
First Alliance Title – North Office:
1333 W 120th Ave, Suite 1600, Westminster, CO 80234

DECEMBER 19, 2018 @ 10:00 AM
American Dream Mortgage:
5944 S. Kipling Pkwy #325 Littleton, CO 80127

JANUARY 8, 2019 @ 10AM
First Alliance Title – North Office:
1333 W 120th Ave, Suite 1600, Westminster, CO 80234

JANUARY 15, 2019 @ 1:00 PM
First Alliance Title – Central Office
1777 S. Harrison St #1100 Denver, CO 80210 in conference room B

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