Contracts
In Colorado, a 'land bank' addendum to the CBS contract is used when:
AA. The buyer is getting a VA loan
BB. The buyer is purchasing bank-owned (REO) or foreclosed property from a lender, who often uses their own addendum that modifies standard CBS terms✓ Correct
CC. The property is in a flood zone
DD. The seller is a Colorado land conservation trust
Explanation
Bank-owned properties (Real Estate Owned/REO) are often sold with the lender's own addendum that modifies or supersedes provisions of the Colorado CBS contract. Lenders typically limit warranties, disclosures, and repair obligations, and may extend their review and approval periods.
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