The Colorado Post Closing Occupancy Agreement is a legal document that allows sellers to remain in a property for a short period after the sale has been completed. This agreement is typically used for residential properties and is limited to a maximum of 30 days. It outlines the terms under which the seller can occupy the property, including responsibilities for maintenance and payment of utilities.
The Colorado Post Closing Occupancy Agreement, often referred to as a Seller Rent-Back Agreement, is a crucial document designed for situations where the seller needs to remain in the property for a short period after closing the sale. This agreement is typically utilized for occupancy terms not exceeding 30 days, ensuring a smooth transition for both the seller and the buyer. It outlines the responsibilities of each party, including the seller's obligation to maintain the property and its condition during their continued occupancy. Rent is specified, payable in advance, and the agreement also addresses utilities, security deposits, and potential liabilities. Furthermore, it emphasizes the importance of consulting legal and tax professionals before signing, as the terms can have significant legal implications. Understanding this agreement is essential for both sellers and buyers to navigate the post-closing period effectively and avoid potential disputes.
1The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission.
2 (PCO70-10-11) (Mandatory 1-12) 3
4 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR 5 OTHER COUNSEL BEFORE SIGNING.
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10Note: This form is to be used only for short-term residential occupancy for a term not to exceed 30 days. A residential lease
11shall be used for a term longer than 30 days.
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1.
This Post-Closing Occupancy Agreement (Agreement) is entered into between
(Seller),
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and
(Buyer), relating to the occupancy of the following legally described real estate in the
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County of
, Colorado:
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known as No.
CO
(Property).
Street Address
City
State
Zip
182. Buyer and Seller entered into that certain Contract to Buy and Sell Real Estate dated __________________, and any
19amendments (Contract). All terms of the Contract are incorporated herein by reference. In the event of any conflict between
20this Agreement and the Contract, this Agreement shall control, subject to subsequent amendments to the Contract or this
21Agreement.
223. Seller shall retain possession of the Property from date of Closing to ________ days subsequent to Closing as set forth in
23the Contract (Term).
244. During the Term of this Agreement, Seller shall, at Seller's sole expense, keep the improvements and any personal
25property on the Property and owned by Buyer in the same condition and repair, normal wear and tear excepted, as of Closing,
26except as set forth in § 5. Unless such services are provided by a third party (e.g., homeowner’s association), Seller also shall
27maintain the landscaping and mow the lawn as previously maintained. Seller shall provide timely notice to Buyer of any
28improvement requiring maintenance or repair.
295. Buyer shall, at Buyer’s sole expense, maintain and repair the heating and cooling systems including ventilation and ducts,
30plumbing, electrical wiring, roof and structural components of the Property and all appliances in the Property owned by Buyer,
31and the lawn sprinkler system, if any. Seller shall be responsible for any misuse, waste, neglect or damage to the Property or
32personal property on the Property caused by Seller or Seller’s family or visitors.
336. Upon reasonable prior notice to Seller, Buyer shall have access to the Property at all reasonable times and Buyer, or
34Buyer’s designee, may enter the Property without interference or disturbing Seller’s possession of the Property. Buyer shall
35have the right, but not the obligation, to restore the Property and any items of personal property owned by Buyer to the same
36condition of repair and cleanliness as existed at the date of this Agreement, or Closing, whichever shall be later, and, in such
37event, Seller shall pay Buyer, in addition to the rent, the costs of such repair or replacement.
387. Rent shall be at the rate of $____________ per day for the Term of the occupancy, payable in advance at Closing and
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delivery of deed. Should Seller vacate earlier, the unearned rent
Shall
Shall Not be refunded to Seller.
408. Should Seller not timely surrender possession of the Property to Buyer, Seller shall be subject to eviction and shall be
41additionally liable to Buyer for payment of $____________ per day from and after the Term, until possession is delivered to
42Buyer.
439. Water and sewer charges incurred during Seller’s occupancy shall be paid by
Seller Buyer.
4410. Electric and gas service incurred during Seller’s occupancy shall be paid by Seller Buyer. Arrangements for the
45final reading and payments for said utilities and services shall be made by both parties.
PCO70-10-11. POST-CLOSING OCCUPANCY AGREEMENT
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4611. Seller Shall Shall Not maintain and pay the cost of (1) a Seller’s “Renters Policy” covering Seller’s personal
47property on the Property and (2) Shall Shall Not maintain and pay the cost of adequate liability insurance in favor of
48both Seller and Buyer and supply to Buyer evidence of such insurance. Buyer agrees to maintain and shall pay the cost of
49Homeowner’s Property Insurance Policy (which may be endorsed as a non-owner occupant/Buyer).
5012. Seller agrees that a security deposit in the amount of $______________ will be held by Buyer ________________
51from Closing until Seller vacates the Property. The security deposit shall be held and disbursed pursuant to Colorado law,
52generally within one month after the Term of this Agreement.
5313. Anything to the contrary herein notwithstanding, in the event of any arbitration or litigation relating to this Agreement,
54prior to or after the Term of this Agreement, the arbitrator or court shall award to the prevailing party all reasonable costs and
55expenses, including attorney fees, legal fees and expenses.
5614. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real
57Estate Commission.)
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Buyer’s Name:
Buyer’s Signature
Date
Address:
Phone No.:
Fax No.:
Electronic Address:
Seller’s Name:
Seller’s Signature
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