At the regularly scheduled meeting today, the Real Estate Commissioners approved two changes to Colorado Contracts that may be utilized by brokers immediately, and will become mandatory as of January 1st, 2008. Changes to the Contract to Buy and Sell and corresponding change to the Seller's Property Disclosure follow.
CBS1 - Contract to Buy and Sell
Section 11 of the Contract to Buy and Sell has been changed as follows. Brokers may use the new text now, but it's use is not mandatory until January 1st, 2008.
Current Form (CBS1-10-06) (Mandatory 1-07)
11. METHAMPHETAMINE LABORATORY DISCLOSURE. The parties acknowledge that Seller is required to disclose whether Seller knows that the Property was previously used as a methamphetamine laboratory. No disclosure is required if the Property was remediated in accordance with state standards and other requirements are fulfilled pursuant to § 25-18.5-102, C.R.S. Buyer further acknowledges that Buyer has the right to engage a certified hygienist or industrial hygienist to test whether the Property has ever been used as a methamphetamine laboratory. In the event that the Property has been used as a methamphetamine laboratory, Buyer may deliver written notice to Seller, on or before Closing, to terminate this Contract.
Approved change (CBS1-10-06) (3-13-07) (Mandatory 1-08)
11. METHAMPHETAMINE LABORATORY DISCLOSURE. The parties acknowledge that Seller is required to disclose whether Seller knows that the Property was previously used as a methamphetamine laboratory. No disclosure is required if the Property was remediated in accordance with state standards and other requirements are fulfilled pursuant to § 25-18.5-102, C.R.S. Buyer further acknowledges that Buyer has the right to engage a certified hygienist or industrial hygienist to test whether the Property has ever been used as a methamphetamine laboratory. In the event that the Property has been used as a methamphetamine laboratory, Buyer may deliver written notice to Seller, on or before Closing, to terminate this Contract.
If Buyer's test results indicate that the property has been used as a methamphetamine laboratory, but has not been remediated to meet the standards established by rules of the State Board of Health promulgated pursuant to section 25-18.5-102, C.R.S., Buyer shall promptly give written notice to Seller of the results of the test, and Buyer may terminate the Contract.
Seller's Property Disclosure
Current Form (SPD1-10-06) (Mandatory 1-07)
K. ENVIRONMENTAL CONDITIONS
18 Property previously used as a methamphetamine laboratory
Approved change (SPD1-10-06) (3-13-07) (Mandatory 1-08)
OLD VERSION
K. ENVIRONMENTAL CONDITIONS
18 Property previously used as a methamphetamine laboratory
NEW VERSION
M. OTHER DISCLOSURES - GENERAL
5 Property was previously used s a methamphetamine laboratory and not remediated to meet state standards
