Closing Instructions Form. This is a Colorado form and can be use in Real Estate Statewide.
Tags: Closing Instructions, CL8, Colorado Statewide, Real Estate
No. CL8 - 5 - 1 9 . CLOSING INST RUCTIONS Page 1 of 3 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission . 1 ( CL8 - 5 - 1 9 ) (Mandatory 7 - 1 9 ) 2 3 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR 4 OTHER C OUNSEL BEFORE SIGNING. 5 6 CLOSING INSTRUCTIONS 7 8 Date: 9 10 1. PARTIES, PROPERTY. , ( Seller ) , 11 and , 12 ( Buyer ) , engage , ( Closing 13 Company ) , who agrees to provide closing and settlement services in connection with the Closing of the transaction f or the sale and 14 purchase of the Property 15 known as No. , 16 Street Address City State Zip 17 and more fully described in the Contract to Buy and Sell Real Estate, dated , including any 18 counterproposals and amendments (Contract). into separate closing instructions with the Closing 19 All terms of the Contract are incorporated herein by reference. In the event of 20 any conflict between this Agreement and the Contract, this Agreement cont rol s , subject to subsequent amendments to the Contract 21 or this Agreement. 22 2. TITLE COMMITMENT, EXCEPTIONS AND POLICY. Closing Company Agrees Does Not agree that: upon 23 completion of a satisfactory title search and e xamination, it will furnish a Title Insurance Commitment; and it will issue a Title 24 Insurance Policy provided that all requirements have been fulfilled. Closing Company Agrees Does Not agree to furnish 25 copies of Except ions. 26 3 . INFORMATION , CLOSING, RECORDING . Closing Company is authorized to obtain any information necessary for 27 the Closing. Closing Company agrees to, deliver and record all documents required or customarily recorded , and disburse all funds 28 pursuant to t he Contract that are necessary to carry out the terms and conditions of the Contract . 29 4. PREPARATION OF DOCUMENTS. The Closing Company will prepare the necessary documents to carry out the terms 30 and conditions of the Contract to include : 31 4.1. Deed. If the deed required in the Contract is a special warranty deed , general warranty deed , bargain and sale deed 32 quit claim deed , the deed will be prepared in accordance with the 33 Contract by the Clos ing Company . However, if the Contract requires a different form of deed 34 or requires that the special warranty deed or general warranty deed list exceptions other th a n the 35 fined in 24738 - 30 - 113 (5)(a) , C.R.S., then the B uyer or Seller must provide the deed or written instructions for 36 preparation of the deed to the Closing Company for Closing. For any Buyer or Seller provided deed or written instructions for 37 preparation of the d , the Buyer and Seller will hold the 38 Closing C ompany harmless for any causes of action arising out of the use of such deed. The parties acknowledge that the real 39 estate broker work ing with either the Buyer or the Seller is not responsible for reviewing or approving any deed not prepared by 40 the real estate broker . 41 4.2. Bill of Sale . If the transaction includes the sale of personal property (i.e. within the Contract or a Personal Pr operty 42 Agreement) from the Seller to the Buyer, Seller and Buyer authorize Closing Company to prepare the bill of sale conveying the 43 personal property from the Seller to the Buyer as their scrivener . The Buyer and Seller understand that the bill of sale is a legal 44 document and it is recommended that it be reviewed and approved by the ir respective attorney s . 45 4.3. Closing Statement. Closing Company will prepare and deliver accurate, complete and detailed closing statements 46 to Buyer, Seller and the real est ate brokers working with Buyer and Seller. Closing Statements will be prepared in accordance with 47 the Contract and written instructions from the Buyer, Seller, lender or real estate brokers so long as such written instructi ons are 48 not contrary to the Contr act. If the written instructions are contrary to the Contract, the Buyer and Seller must execute an 49 Agreement to Amend/Extend Contract. 50 5 . CLOSING FEE. Closing Company will receive a fee of $ for providing closing and 51 settlement services (Closing Fee) . 52 American LegalNet, Inc. www.FormsWorkFlow.com No. CL8 - 5 - 1 9 . CLOSING INST RUCTIONS Page 2 of 3 6 . RELEASE, DISBURSEMENT. Closing Company is not authorized to release any signed documents or things of value 53 prior to receipt and disbursement of Good Funds, except as provided in 247247 10 , 1 1 and 1 2 . 54 7 . DISBURSER. Closing Company must disburse all funds, i ncluding real estate commissions, except those funds as may be 55 s lender on or before Closing. All parties agree 56 that no one other than the disburser can assure that payoff of l oans and other disbursements will actually be made. 57 8 . Seller will receive the net proceeds of Closing as indicated: 58 expense Funds Electronically Transferred (wire tr Closing 59 trust account check. 60 9 . WIRE AND OTHER FRAUD S . Wire and other frauds occur in real estate transactions. Anytime Buyer or Seller is 61 supplying confidential information, such as social security numbers , bank account numbers, transferring or receiving funds , Buyer 62 and Seller should provide the information in person or in another secure manner. 63 10. FAILURE OF CLOSING. If Closing or disbursement does not occu r on or before Closing Date set forth in the Contract, 64 Closing Company, except as provided herein, is authorized and agrees to return all documents, monies and things of value to t he 65 depositing party, upon which Closing Company will be relieved from any fu rther duty, responsibility or liability in connection 66 with these Closing Instructions. In addition, any promissory note, deed of trust or other evidence of indebtedness signed by Buyer 67 will be voided by Closing Company, with the originals returned to Buyer 68 1 1 . RETURN OF EARNEST MONEY . Except as otherwise provided in 247 1 2 ( Earnest Money Dispute ) , if the Earnest Money 69 is being held by Closing Company and has not already been returned following receipt of a Notice to Terminate or other written 70 notice of termination, Closing Company must release the Earnest Money as directed by written mutual instructions from the Buyer 71 and the Seller . Such release of Earnest Money must be made within five days of receipt of the wr itten mutual 72 instructions signed by both Buyer and Seller, provided the Earnest Money check has cleared. 73 1 2 . EARNEST MONEY DISPUTE. In the event of any controversy regarding the Earnest Money (notwithstanding any 74 termination of the Contract), provided Clo sing Company is holding the Earnest Money, Closing Company is not required to take 75 any action. Closing Company , at its option and sole subjective discretion, may : (1) await any proceeding, (2) interplead all parties 76 and deposit Earnest Money into a court o f competent jurisdiction and recover court costs and reasonable attorney and legal fees, or 77 (3) provide notice to Buyer and Seller that unless Closing Company receives a copy of a Summons and Complaint or Claim 78 (between Buyer and Seller) containing the cas e number of the lawsuit (Lawsuit) within one hundred twenty days of Closing 79 notice to the parties, Closing Company is authorized to return the Earnest Money to Buyer. In the event Closing 80 Company does receive a copy of the Lawsuit, and has not in terpled the monies at the time of any Order, Closing Company must 81 disburse the Earnest Money pursuant to the Order of the Court. 82 1 3 . SUBSEQUENT AMENDMENTS. Any amendments to, or termination of, these Closing Instructions must be in writing 83 and signed by Buyer, Seller and Closing Company. 84 1 4 . CHANGE IN OWNERSHIP OF WATER WELL. Within sixty days after Closing, Closing Company will submit any 85 required Change in Ownership form or registration of existing well form to the Division of Water Resources in the De partment of 86 Natural Resources (Division), with as much information as is available. Closing Company is not liable for delaying Closing to 87 ensure Buyer completes any required form. 88 1 5 . FIRPTA AND COLORADO WITHOLDING . 89 15 .1. FIRPTA. S