1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (LC14-5-04) THIS IS A BINDING CONTRACT. THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. Compensation charged by real estate brokerage firms is not set by law. Such charges are established by each real estate brokerage firm. DIFFERENT BROKERAGE RELATIONSHIPS ARE AVAILABLE WHICH INCLUDE BUYER AGENCY, SELLER AGENCY OR TRANSACTION-BROKERAGE. OPEN LISTING CONTRACT (FOR ALL TYPES OF PROPERTY) (SELLER AGENCY) Date: 1. AGREEMENT. Seller and Brokerage Firm enter into this contract as of the date set forth above. However, this Contract shall apply only to a Sale of the Property by Broker during the Listing Period (described in Section 3) or upon Broker procuring a buyer who is ready, willing and able to complete the Sale as proposed by Seller (collectively, Broker Sale). In the case of any other Sale, this Listing Contract is null and void and of no effect. 2. AGENCY RELATIONSHIP. a. Multiple-Person Firm. If this box is checked, the individual designated by Brokerage Firm to serve as the limited agent of Seller and to perform the services for Seller required by this contract is called Broker. If more than one individual is so designated, then references in this contract to Broker shall include all persons so designated, including substitute or additional brokers. The agency relationship exists only with Broker and does not extend to the employing broker, Brokerage Firm or to any other brokers employed or engaged by Brokerage Firm who are not so designated. b. One-Person Firm. If this box is checked, Broker is a real estate brokerage firm with only one licensed natural person. References in this contract to Broker or Brokerage Firm mean both the licensed natural person and brokerage firm who shall serve as the limited agent of Seller and perform the services for Seller required by this contract. 3. DEFINED TERMS. a. Seller: b. Brokerage Firm: No. LC14-5-04 OPEN LISTING CONTRACT (All Types of Property) (Seller Agency) Page 1 of 10 American LegalNet, Inc. www.USCourtForms.com 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 c. Broker: d. Property. The Property is the following legally described real estate: in the County of commonly known as No. , Colorado, Street Address City State Zip together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto, all interest of Seller in vacated streets and alleys adjacent thereto, except as herein excluded. e. Sale. A Sale is the voluntary transfer or exchange of any interest in the Property or the voluntary creation of the obligation to convey any interest in the Property, including a contract or lease. It also includes an agreement to transfer any ownership interest in an entity which owns the Property. f. Listing Period. The Listing Period of this contract shall begin on , and shall continue through the earlier of (1) completion of the Sale of the Property or (2) . Broker shall continue to assist in the completion of any transaction for which compensation is payable to Brokerage Firm under § 13 of this contract. g. Applicability of Terms. A check or similar mark in a box means that such provision is applicable. The abbreviation "N/A" means not applicable. The abbreviation "MEC" (mutual execution of this contract) means the latest date upon which both parties have signed this contract. 4. BROKERAGE SERVICES AND DUTIES. Brokerage Firm, acting through Broker, shall provide brokerage services to Seller. Broker shall exercise reasonable skill and care for Seller. a. Broker, as Seller's agent, shall promote the interests of Seller with the utmost good faith, loyalty and fidelity, including, but not limited to: (1) Seeking a price and terms that are acceptable to Seller; except that Broker shall not be obligated to seek additional offers to purchase the Property while the Property is subject to a contract for Sale; (2) Presenting all offers to and from Seller in a timely manner regardless of whether the Property is subject to a contract for Sale; (3) Disclosing to Seller adverse material facts actually known by Broker; (4) Counseling Seller as to any material benefits or risks of a transaction that are actually known by Broker; (5) Advising Seller to obtain expert advice as to material matters about which Broker knows but the specifics of which are beyond the expertise of Broker; and (6) Accounting in a timely manner for all money and property received. b. Broker shall not disclose the following information without the informed consent of Seller: (1) That Seller is willing to accept less than the asking price for the Property; (2) What the motivating factors are for Seller to sell the Property; (3) That Seller will agree to financing terms other than those offered; No. LC14-5-04 OPEN LISTING CONTRACT (All Types of Property) (Seller Agency) Page 2 of 10 American LegalNet, Inc. www.USCourtForms.com 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 (4) (5) Any material information about Seller unless disclosure is required by law or failure to disclose such information would constitute fraud or dishonest dealing; or Any facts or suspicions regarding circumstances that could psychologically impact or stigmatize the Property. c. Seller consents to Broker’s disclosure of Seller’s confidential information to the supervising broker or designee for the purpose of proper supervision, provided such supervising broker or designee shall not further disclose such information without consent of Seller, or use such information to the detriment of Seller. d. Seller shall not be vicariously liable for the acts of Broker that are not approved, directed or ratified by Seller. e. Broker has no duty to conduct an independent inspection of the Property for the benefit of a buyer and has no duty to independently verify the accuracy or completeness of statements made by Seller or independent inspectors. Broker has no duty to conduct an independent investigation of a buyer's financial condition or to verify the accuracy or completeness of any statement made by a buyer. f. In-Company Transaction – Different Brokers. When Seller and buyer in a transaction are working with different brokers, those brokers continue to conduct themselves consistent with the brokerage relationships they have established. Seller acknowledges that Brokerage Firm is allowed to offer and pay compensation to brokers within Brokerage Firm working with a buyer. g. In-Company Transaction – One Broker. If Seller and buyer are both working with the same broker the following applies: Check One Box Only (1) Seller’s Agent. If this box is checked, Broker shall represent Seller as Seller’s Agent and shall treat the buyer as a customer. A customer is a party to a transaction with whom Broker has no brokerage relationship. Broker shall disclose to such customer Broker's relationship with Seller. (2) Seller’s Agent Unless Brokerage Relationship with Both. If this box is checked, Broker shall represent Seller as Seller’s Agent and shall treat the buyer as a customer, unless Broker currently has or enters into an agency or Transaction-Brokerage relationship with the buyer, in which case Broker shall act as a Transaction-Broker. (3) Transaction-Broker. If this box is checked, Broker shall (if also permitted by buyer) act as a Transaction-Broker. When acting as a Transaction-Broker, a broker assists the parties throughout a contemplated real estate transaction with communication, interposition, advisement, negotiation, contract terms and the closing of the transaction without being an agent or advocate for the interests of either party to the transaction. Broker, when acting as a Transaction-Broker, may disclose any information to one party that Broker gains from the other party if the information is relevant to the transaction or party, except Broker shall not disclose the following information without prior consent: (a) That buyer is willing to pay more than the purchase price offered for the Property; (b) That Seller is willing to accept less than the asking price for the Property; No. LC14-5-04 OPEN LISTING CONTRACT (All Types of Property) (Seller Agency) Page 3 of 10 American LegalNet, Inc. www.USCourtForms.com 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 (c) (d) (e) 5. What the motivating factors are for any party buying or selling the Property; That Seller or buyer will agree to financing terms other than those offered; Any material information about the other party unless: (1) the disclosure is required by law, (2) the disclosure pertains to adverse material facts about buyer's financial ability to perform the terms of the transaction, (3) the disclosure pertains to buyer's intent to occupy the Property as a principal residence, or (4) failure to disclose such information would constitute fraud or dishonest dealing. PRICE AND TERMS. a. Price. U.S. $ ______________________________ b. Terms. Cash Other: c. Loan Discount Points. Conventional FHA VA d. Buyer's Closing Costs (FHA/VA). Seller shall pay closing costs and fees that Buyer is not allowed to pay, in an amount not to exceed $ for only the following items: third party document preparation, tax service, tax certificate and . e. the form of Earnest Money. Minimum amount of earnest money deposit U.S. $ . in f. Seller Proceeds. Seller will receive net proceeds of closing as indicated: Cashier's Check at Seller's expense; Funds Electronically Transferred (Wire Transfer) to an account specified by Seller, at Seller's expense; or Closing Company's Trust Account Check. g. Advisory-Tax Withholding. The Internal Revenue Service and the Colorado Department of Revenue may require closing company to withhold a substantial portion of the proceeds of this Sale when Seller either (1) is a foreign person or (2) will not be a Colorado resident after closing. Seller should inquire of Seller's tax advisor to determine if withholding applies or if an exemption exists. 6. DEPOSITS. Brokerage Firm is authorized to accept earnest money deposits received by Broker pursuant to a proposed Sale contract. Brokerage Firm is authorized to deliver the earnest money deposit to the closing agent, if any, at or before the closing of the Sale contract. 7. INCLUSIONS AND EXCLUSIONS. No. LC14-5-04 OPEN LISTING CONTRACT (All Types of Property) (Seller Agency) Page 4 of 10 American LegalNet, Inc. www.USCourtForms.com 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 a. Purchase Price. The Purchase Price includes the following items (Inclusions): (1) Fixtures. If attached to the Property on the date of this contract, lighting, heating, plumbing, ventilating, and air conditioning fixtures, TV antennas, inside telephone wiring and connecting blocks/jacks, plants, mirrors, floor coverings, intercom systems, built-in kitchen appliances, sprinkler systems and controls, built-in vacuum systems (including accessories), garage door openers including ___ remote controls; and (2) Exclusions. The following attached fixtures are excluded: . (3) Personal Property. If on the Property whether attached or not on the date of this contract: storm windows, storm doors, window and porch shades, awnings, blinds, screens, window coverings, curtain rods, drapery rods, fireplace inserts, fireplace screens, fireplace grates, heating stoves, storage sheds, and all keys. If checked, the following are included:   Water Softeners Smoke/Fire Detectors Security Systems  Satellite Systems (including satellite dishes); and  . (4) Transfer of Personal Property. The Personal Property to be conveyed at closing shall be conveyed, by Seller, free and clear of all taxes (except personal property taxes for the year of closing), liens and encumbrances, except . Conveyance shall be by bill of sale or other applicable legal instrument. (5) parking facilities: Parking and Storage Facilities. Use Only Ownership of the following ; and the following storage facilities: . (6) Trade Fixtures. The following trade fixtures: (7) Water Rights. The following legally described water rights: Any water rights shall be conveyed by legal instrument. The Well Permit # is (8) deed or other applicable . Growing Crops: The following growing crops: 8. TITLE AND ENCUMBRANCES. Seller represents to Broker that title to the Property is solely in Seller's name. Seller shall deliver to Broker true copies of all relevant title materials, leases, improvement location certificates and surveys in Seller's possession and shall disclose to Broker all easements, liens and other encumbrances, if any, on the Property, of which Seller has knowledge. Seller authorizes the holder of any obligation secured by an encumbrance on the Property to disclose to Broker the amount owing on said encumbrance and the terms thereof. In case of Sale, Seller agrees to convey, No. LC14-5-04 OPEN LISTING CONTRACT (All Types of Property) (Seller Agency) Page 5 of 10 American LegalNet, Inc. www.USCourtForms.com 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 by a deed, only that title Seller has in the Property. Property shall be conveyed free and clear of all taxes, except the general taxes for the year of closing. All monetary encumbrances (such as mortgages, deeds of trust, liens, financing statements) shall be paid by Seller and released except as Seller and buyer may otherwise agree. Existing monetary encumbrances are as follows: . The Property is subject to the following leases and tenancies: . If the Property has been or will be subject to any governmental liens for special improvements installed at the time of signing a Sale contract, Seller shall be responsible for payment of same unless otherwise agreed. Brokerage Firm may terminate this Listing Contract upon written notice to Seller that title is not satisfactory to Brokerage Firm. 9. EVIDENCE OF TITLE. Seller agrees to furnish buyer, at Seller's expense, a current commitment and an owner's title insurance policy in an amount equal to the Purchase Price in the form specified in the Sale contract, or if this box is checked, An Abstract of Title certified to a current date. 10. ASSOCIATION ASSESSMENTS. Seller represents that the amount of the regular owners' association assessment is currently payable at $ per and that there are no unpaid regular or special assessments against the Property except the current regular assessments and except . Seller agrees to promptly request the owners' association to deliver to buyer before date of closing a current statement of assessments against the Property. 11. POSSESSION. Possession of the Property shall be delivered to buyer as follows: ___________________________________________________________________________________, subject to leases and tenancies as described in § 8. 12. MATERIAL DEFECTS, DISCLOSURES AND INSPECTION. a. Broker's Obligations. Colorado law requires a broker to disclose to any prospective buyer all adverse material facts actually known by such broker including but not limited to adverse material facts pertaining to the title to the Property and the physical condition of the Property, any material defects in the Property, and any environmental hazards affecting the Property which are required by law to be disclosed. These types of disclosures may include such matters as structural defects, soil conditions, violations of health, zoning or building laws, and nonconforming uses and zoning variances. Seller agrees that any buyer may have the Property and Inclusions inspected and authorizes Broker to disclose any facts actually known by Broker about the Property. b. Seller’s Obligations. (1) Seller's Property Disclosure Forms. A seller is not required by law to provide a written disclosure of adverse matters regarding the Property. However, disclosure of known material latent (not obvious) defects is required by law. Seller Agrees Does Not Agree to provide a Seller's Property Disclosure form Residential Vacant Land Other written disclosure of adverse matters regarding the Property completed to the best of Seller's current, actual knowledge. No. LC14-5-04 OPEN LISTING CONTRACT (All Types of Property) (Seller Agency) Page 6 of 10 American LegalNet, Inc. www.USCourtForms.com 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 (2) Lead-Based Paint. Unless exempt, if the improvements on the Property include one or more residential dwellings for which a building permit was issued prior to January 1, 1978, a completed Lead-Based Paint Disclosure (Sales) form must be signed by Seller, the real estate licensees and given to any potential buyer in a timely manner. 13. COMPENSATION TO BROKERAGE FIRM. In the case of a Broker Sale, Seller agrees that any Brokerage Firm compensation that is conditioned upon the Sale of the Property shall be earned by Brokerage Firm as set forth herein without any discount or allowance for any efforts made by Seller or by any other person in connection with such Broker Sale of the Property. a. Amount. In consideration of the services to be performed by Broker, Seller agrees to pay Brokerage Firm as follows: (1) Sale Commission. (a) % of the gross sales price in U.S. dollars, or (b) . (2) Lease Commission. (a) or (b) b. following: % of the gross rent under the lease in U.S. dollars, . When Earned. Such commission shall be earned upon the happening of any of the (1) Any Sale of the Property, if a Broker Sale, within the Listing Period; (2) Broker finding a buyer who is ready, willing and able to complete the transaction as specified herein by Seller; or (3) Any Sale of the Property, if a Broker Sale, within calendar days subsequent to the expiration of the Listing Period (Holdover Period) to anyone with whom Broker negotiated and whose name was submitted, in writing, to Seller by Broker during the Listing Period (including any extensions thereof). However, Seller shall owe no commission to Brokerage Firm under this subsection (3) if a commission is earned by another licensed real estate brokerage firm acting pursuant to an exclusive agreement entered into during the Holdover Period. c. When Applicable and Payable. The commission obligation shall apply to a Broker Sale made during the Listing Period or any extension of such original or extended term. The commission described in subsection 13a(1) shall be payable at the time of the closing of the Sale as contemplated by subsection 13b(1) or 13b(3), or upon fulfillment of subsection 13b(2) where either the offer made by such buyer is defeated by Seller or by the refusal or neglect of Seller to consummate the Sale as agreed upon. d. Lease and Lease Option Commissions. If the transaction consists of a lease or a lease and right to purchase the Property, the commission relating to the lease shall be as provided in subsection 13a(2), payable as follows: e. Other Compensation. No. LC14-5-04 OPEN LISTING CONTRACT (All Types of Property) (Seller Agency) Page 7 of 10 American LegalNet, Inc. www.USCourtForms.com 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 14. LIMITATION ON THIRD-PARTY COMPENSATION. Neither Broker nor the Brokerage Firm, except as set forth in § 13, shall accept compensation from any other person or entity in connection with the Property without the written consent of Seller. Additionally, neither Broker nor Brokerage Firm shall assess or receive mark-ups or other compensation for services performed by any third party or affiliated business entity unless Seller signs a separate written consent. 15. OTHER BROKERS' ASSISTANCE, MULTIPLE LISTING SERVICE AND MARKETING. Seller has been advised by Broker of the advantages and disadvantages of various marketing methods, the use of multiple listing services and various methods of making the Property accessible by other brokerage firms (e.g., using lock boxes, by-appointment-only showings, etc.), and whether some methods may limit the ability of another broker to show the Property. After having been so advised, Seller has chosen the following (check all that apply): a. The Property: Shall Not be submitted to one or more multiple listing services. Shall Shall Not be submitted to one or more property information exchanges. Seller authorizes the use of electronic and all other marketing methods except: Seller further authorizes use of the data by multiple listing services and property information exchanges, if any. Access to the Property by other brokerage firms may be by: Lock Box Other instructions: b. Broker shall seek assistance from, and Brokerage Firm offers compensation to, the following brokers outside of Brokerage Firm: Buyer Agents: % of the gross sales price in U.S. dollars. Transaction-Brokers: % of the gross sales price in U.S. dollars. 16. FORFEITURE OF PAYMENTS. In the event of a forfeiture of payments made by a buyer, the sums received shall be divided between Brokerage Firm and Seller, one-half thereof to Brokerage Firm but not to exceed the Brokerage Firm compensation agreed upon herein, and the balance to Seller. Any forfeiture of payment under this section shall not reduce any Brokerage Firm compensation under § 13. 17. COST OF SERVICES AND REIMBURSEMENT. Unless otherwise agreed upon in writing, Brokerage Firm shall bear all expenses incurred by Brokerage Firm, if any, to market the Property and to compensate cooperating brokerage firms, if any. Neither Broker nor Brokerage Firm shall obtain or order any other products or services unless Seller agrees in writing to pay for them promptly when due (examples: surveys, radon tests, soil tests, title reports, engineering studies). Unless otherwise agreed, neither Broker nor Brokerage Firm shall be obligated to advance funds for the benefit of Seller in order to complete a closing. Seller shall reimburse Brokerage Firm for payments made by Brokerage Firm for such products or services authorized by Seller. 18. MAINTENANCE OF THE PROPERTY. Neither Broker nor Brokerage Firm shall be responsible for maintenance of the Property nor shall they be liable for damage of any kind occurring to the Property, unless such damage shall be caused by their negligence or intentional misconduct. No. LC14-5-04 OPEN LISTING CONTRACT (All Types of Property) (Seller Agency) Page 8 of 10 American LegalNet, Inc. www.USCourtForms.com 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 401 402 403 404 405 406 407 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 19. OTHER SELLERS. Seller acknowledges that, under Colorado law, Brokerage Firm may have agreements with other sellers to market and sell their properties. 20. NONDISCRIMINATION. The parties agree not to discriminate unlawfully against any prospective buyer because of the race, creed, color, sex, marital status, national origin, familial status, physical or mental handicap, religion or ancestry of such person. 21. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this document, Seller acknowledges that Broker has advised that this document has important legal consequences and has recommended consultation with legal and tax or other counsel before signing this contract. 22. MEDIATION. If a dispute arises relating to this contract, prior to or after closing, and is not resolved, the parties shall first proceed in good faith to submit the matter to mediation. Mediation is a process in which the parties meet with an impartial person who helps to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. The parties to the dispute must agree before any settlement is binding. The parties will jointly appoint an acceptable mediator and will share equally in the cost of such mediation. The mediation, unless otherwise agreed, shall terminate in the event the entire dispute is not resolved within 30 calendar days of the date written notice requesting mediation is sent by one party to the other at the party’s last known address. 23. ATTORNEY FEES. In the event of any arbitration or litigation relating to this contract, the arbitrator or court shall award to the prevailing party all reasonable costs and expenses, including attorney and legal fees. 24. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real Estate Commission.) 25. ATTACHMENTS. The following are a part of this contract: 26. NOTICE, DELIVERY AND CHOICE OF LAW. a. Physical Delivery. Except for the notice requesting mediation described in § 22 and except as provided in § 26b below, any notice to the other party to this contract must be in writing, and is effective upon receipt. b. Electronic Delivery. As an alternative to physical delivery, any signed document and written notice may be delivered in electronic form by the following indicated methods only: Facsimile E-mail None. Documents with original signatures shall be provided upon request of any party. c. Choice of Law. This contract and all disputes arising hereunder shall be governed by and construed in accordance with the laws of the State of Colorado that would be applicable to Colorado residents who sign a contract in this state for property located in Colorado. No. LC14-5-04 OPEN LISTING CONTRACT (All Types of Property) (Seller Agency) Page 9 of 10 American LegalNet, Inc. www.USCourtForms.com 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 27. MODIFICATION OF THIS LISTING CONTRACT. No subsequent modification of any of the terms of this Listing Contract shall be valid, binding upon the parties, or enforceable unless made in writing and signed by the parties. 28. COUNTERPARTS. If more than one person is named as a Seller herein, this Listing Contract may be executed by each Seller, separately, and when so executed, such copies taken together with one executed by Broker on behalf of Brokerage Firm shall be deemed to be a full and complete contract between the parties. 29. ENTIRE AGREEMENT. This agreement constitutes the entire contract between the parties, and any prior agreements, whether oral or written, have been merged and integrated into this contract. 30. COPY OF CONTRACT. Seller acknowledges receipt of a copy of this contract signed by Broker, including all attachments. Brokerage Firm authorizes Broker to execute this Listing Contract on behalf of Brokerage Firm. Date: Date: Seller Address: Phone No.: Email Address: Seller Fax No.: Date: Broker Broker's Name: Address: Phone No.: Email Address: Fax No.: Brokerage Firm's Name: Address: Phone No.: Email Address: Fax No.: No. LC14-5-04 OPEN LISTING CONTRACT (All Types of Property) (Seller Agency) Page 10 of 10 American LegalNet, Inc. www.USCourtForms.com