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Foreclosure Porperty Addendum To Contract To Buy And Sell Real Estate Form. This is a Colorado form and can be use in Real Estate Statewide.
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Tags: Foreclosure Porperty Addendum To Contract To Buy And Sell Real Estate, FPA33, Colorado Statewide, Real Estate
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The printed portions of this form, except differentiated additions, have been approved by the
Colorado Real Estate Commission. (FPAF33-9-08) (Mandatory 1-09)
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THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD
CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING.
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FORECLOSURE PROPERTY ADDENDUM
TO CONTRACT TO BUY AND SELL REAL ESTATE
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(DOES NOT CONTAIN AN OPTION OR RIGHT TO REPURCHASE)
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Note: This form is to be used only if (1) the Property is in foreclosure, (2) the Property is residential, (3)
Buyer is not to reside in it for at least one year, and (4) ALL of the requirements in Section 3 (Terms) of
this Addendum are satisfied. If these items are fulfilled, this Addendum may be prepared by a Broker
for a buyer purchasing the Property as a rental or as non-owner occupied property. If ANY of the
requirements are not satisfied, an attorney, NOT the Broker, should prepare the contract.
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1. AMENDMENT TO CONTRACT TO BUY AND SELL REAL ESTATE. This Foreclosure
Property Addendum (Addendum) is made a part of that Contract to Buy and Sell Real Estate
(Contract) for the purchase and sale of the Property known as
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No.
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Street Address
City
State
Zip
dated
between Buyer and Seller. This Addendum shall control in the event of any
conflict with the Contract to which it is attached.
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,
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2. PURPOSE. The purpose of this Addendum is to provide that the Contract conforms to the
requirements of the Colorado Foreclosure Protection Act (the Act).
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3. TERMS. Buyer and Seller agree to all of the following six conditions:
3.1. There will not be any financial or legal obligations of Seller (related to the Property) after
Closing, except income tax liability, if any.
3.2. There are no rental agreements or leases for the Property between Buyer and Seller.
3.3. Seller does not have an option or right to repurchase the Property.
3.4. A notice of cancellation is attached to this Addendum.
3.5. Seller represents that English is the language principally spoken by Seller.
3.6. No consideration shall be paid to Seller prior to the expiration of Seller’s right to cancel the
Contract.
If any of the above six conditions are changed, modified or amended at any time prior to or at
Closing, the parties agree that the Contract and this Addendum shall be void and of no effect. If Buyer
and Seller do not agree to one or more of the six conditions, then the Contract and this Addendum are
void and of no effect.
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If the Contract and Addendum are void, a real estate broker will not prepare a contract for this
transaction. It is recommended that an attorney for one of the parties prepare the required documents.
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FPAF33-9-08. FORECLOSURE PROPERTY ADDENDUM TO CONTRACT TO BUY AND SELL REAL ESTATE
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4. NOTICE. The following provision has been completed with the name of Buyer inserted:
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NOTICE REQUIRED BY COLORADO LAW
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UNTIL YOUR RIGHT TO CANCEL THIS CONTRACT HAS ENDED,
________________________________________ (Buyer’s NAME) OR ANYONE
WORKING FOR _____________________________________ (Buyer’s NAME)
CANNOT ASK YOU TO SIGN OR HAVE YOU SIGN ANY DEED OR ANY
OTHER DOCUMENT.
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5. SELLER’S RIGHT TO CANCEL. The parties acknowledge that in addition to any right of
rescission available under state or federal law, the Seller has the right to cancel a contract with Buyer
until 12 midnight of the third business day following the day on which the Seller signs a contract that
complies with the Act, or until 12 noon on the day before the foreclosure sale of the residence in
foreclosure, whichever occurs first.
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6. COMPLETION AND RECEIPT OF NOTICE OF RIGHT OF CANCELLATION. Seller
acknowledges:
6.1. Buyer is required to set forth the date and time of day on which the cancellation right ends;
6.2. Seller has received the original Notice of Cancellation and an additional copy of:
6.2.1.
the Contract,
6.2.2.
this Addendum, and
6.2.3.
the attached “Notice of Cancellation” form containing the date the Contract was
signed and that is easily detachable from the attached Contract, and the Notice of
Cancellation contains the following statement, in at least ten-point type:
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“YOU MAY CANCEL THIS CONTRACT FOR THE SALE OF YOUR HOUSE WITHOUT ANY
PENALTY OR OBLIGATION AT ANY TIME BEFORE ______________________________ (DATE
AND TIME OF DAY). SEE THE ATTACHED NOTICE OF CANCELLATION FORM FOR AN
EXPLANATION OF THIS RIGHT.”
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Date:
Date:
Seller
Seller
Date:
Date:
Buyer
Buyer
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FPAF33-9-08. FORECLOSURE PROPERTY ADDENDUM TO CONTRACT TO BUY AND SELL REAL ESTATE
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