Contracts
Under the Colorado CBS contract, the 'Financing' section (New Loan) must include:
AA. Only the loan amount
BB. Loan amount, type (conventional, FHA, VA, etc.), interest rate, term, and any other material conditions the buyer deems necessary for financing✓ Correct
CC. Only whether financing is needed
DD. Only the lender's name
Explanation
The New Loan section of the Colorado CBS contract requires specification of the loan amount, loan type (conventional, FHA, VA, USDA), maximum interest rate, term, and other conditions. This allows the buyer's financing contingency to be specific enough to protect the buyer if the loan is not available on the agreed terms, while giving the seller sufficient detail to evaluate the offer.
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