Contracts
The Colorado CBS contract's 'Closing Costs' section establishes:
AA. That all closing costs are always paid by the buyer
BB. Which closing costs are customarily paid by the buyer versus the seller, while allowing the parties to negotiate different arrangements✓ Correct
CC. The title company's mandatory fees
DD. That closing costs are split 50/50 by law
Explanation
The CBS contract's closing cost provisions establish customary allocations (certain costs are typically buyer's or seller's) but allow the parties to negotiate different arrangements. For example, a buyer might negotiate for the seller to contribute to their closing costs (seller concessions).
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Math Concepts
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