Hi, this is John Goodman. So, this webcast is a little bit unusual in that it is very much focused on viewing by Colorado real estate brokers. If you are not a Colorado real estate broker, this will not be of much use to you, and I encourage you to stop watching and go down the list to watch another video. Alright, for Colorado's real estate brokers, here's what we're talking about: This video is being recorded in February of 2017, and one of the things that's new in February 2017 is your regulator, the Colorado Division of Real Estate, has come out with a new version of the earnest money release form. It has a significant change in it which could rock your life, both good and bad. So, in order for me to give you a sense of the change, you need to have an understanding of how things were before this change occurred. There's a concept we're talking about: the earnest money release form. And for whatever reason, the contract has terminated. In most situations, when a contract terminates, the buyer is entitled to get all of the earnest money back that was being held in escrow. And in the old version of the form, one side or another would fill out the form, calling for all of the let's say $10,000 of earnest money to be refunded back to the buyer. The buyer and seller would both sign off on that earnest money release form, and the parties would be done with each other. The contract was terminated, and both sides would be released of all liability to each other, subject to certain intuitive exceptions that aren't worth going into in this video. The point is, the signing of the old earnest money release form meant that the parties...
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Release of earnest money PDF Form: What You Should Know
Creek) In this Release (which includes the release of all other releases and representations made by either party) the parties release and discharge and shall not in any way be responsible for the following: (a) any loss, injury, dispute, or other damage resulting from or related to the release; (b) any property damage or other personal injury resulting from this release; or (c) any liability or cost for any such claim or event other than the release and discharge of all claims and damages. (d) no right or warranty of any kind, express or implied, including but not limited to, any right whatsoever to receive money or other consideration, even if a part of the contract is the right or obligation to receive such other consideration or even if this agreement provides for and is in effect on the assumption of such consideration or any interest in such consideration. (e) no damages incurred by either property owner. This release is to be mailed to: Oldie Realty 3375 W. PICO Blvd. #104-105 San Diego, CA, 92 (e) the buyer and seller release and discharge, including but not limited to, any responsibility for any personal injury, physical injury, loss of profits, loss of business, loss of services such as insurance, loss of property, or other economic loss resulting from this release. (f) the purchaser agrees to accept the seller's or seller's property at the seller's or seller's loss. (g) the purchaser agrees to pay any claim in the amount of the earnest money release, as released, but not including the cost of any damages or the actual cost of providing this application and service. For sale on : (g) the seller assumes liability for all property damage or liability for any loss or liability for any claim by any person other than the buyer, or seller. (h) the purchaser assumes liability for all property damage or property damage in connection with this release, whether notice of the damage was provided. (i) the purchaser agrees to make and record a written statement before the release as is necessary to disclose all known facts and to permit a third party, and the buyer's agent, to verify the statement. FOR SALE ON: · Real estate only. This Release is to be mailed to: Oldie Realty 3375 W. PICO Blvd.
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