2016 Changes to the Real Estate Contracts and Forms
Important News Update
The Division of Real Estate and the Colorado Real Estate Commission, working in conjunction with the Forms Committee, have adopted and finalized the 2016 mandatory contracts and forms. As a reminder, the 2016 contracts and forms are posted for educational purposes and are not for use before January 1, 2016. The Division will have writeable versions posted to the website prior to this date.
Based upon the positive feedback received from the industry with regard to only updating the forms biennially, the Commission has decided to stretch this timespan to three years. At the August 4, 2015, Colorado Real Estate Commission meeting, the Commission directed the Forms Committee to hold off on any new changes to the forms for a period of 3 years, unless there are any legislative mandates, court decisions, or attorney general opinions warranting changes to the forms. Therefore, the new 2016 contracts and forms will remain unchanged until January 1, 2019, barring any of the above.
►Why is this important?
Real estate brokers are required to use Commission approved contracts and forms as appropriate to a transaction or circumstance.
- If a real estate broker is a party to a transaction (e.g., listing contract, or a purchase and sale contract and broker is acting as a principal), such broker may engage counsel to prepare a form for the transaction so long as the form conspicuously states the form is not a Commission-approved form.
- If a real estate broker uses an attorney-prepared form as provided in Rule F-7, such broker shall continue to be responsible to make all required disclosures to all parties under applicable laws, rules and regulations governing real estate brokers.
- Other forms used by a broker shall not be prepared by a broker, unless otherwise permitted by law.
2016 Clean and Redlined Mandatory Contracts and Forms
