Real property located at 550 Jayton Drive, Colorado Springs, CO 80911, including all fixtures and appliances unless excluded in writing.
On or about March 2025, the Parties entered into an original purchase arrangement contemplating a $40,000 down payment and refinancing of the property into Buyer's name within one (1) year. It was subsequently determined that Buyer is unable to refinance the existing VA loan, as Buyer is not a veteran and Seller requires retention of the VA loan credit. The Parties hereby supersede the prior arrangement with the terms set forth herein.
The following payments by Buyer are acknowledged and applied toward the $40,000 down payment obligation:
| Description | Date | Amount |
|---|---|---|
| Initial upfront payment to Seller | March 2025 | $2,500.00 |
| Criminal defense legal fees paid on Seller's behalf | 2025 | $7,500.00 |
| Cash payment to Seller | December 2025 | $15,000.00 |
| Total Applied to Date | $25,000.00 |
The remaining balance of $15,000.00 shall be considered fully satisfied and discharged upon the successful closing of the purchase of the property. No separate cash payment of this amount is required; the act of closing shall constitute full payment and settlement of the remaining down payment obligation.
Buyer has paid all mortgage payments and utility costs associated with the property from March 2025 through the date of execution of this Agreement and shall continue to do so until closing. Seller agrees that all such payments shall be credited toward the purchase at closing, up to the maximum allowable amounts per FHA guidelines, in addition to the down payment amounts set forth in § 5.
Seller agrees to contribute up to six percent (6%) of the purchase price, equal to $20,160.00, toward Buyer's closing costs, prepaid items, lender fees, FHA upfront mortgage insurance premium, and escrow reserves, as permitted under FHA guidelines at the time of closing. This concession shall be reflected in the official purchase contract submitted to Buyer's lender and documented in the closing disclosure. Any unused portion of the concession shall not be credited as cash to Buyer.
At or before the final closing of the purchase, Buyer shall cause all utility accounts associated with the property — including but not limited to electric, gas, water, sewer, and trash — to be transferred into Buyer's name (Joshua Haynes). Buyer shall cooperate fully with Seller to complete all required utility transfer paperwork prior to or concurrently with closing. This obligation is a material condition of the Agreement.
This Agreement shall be governed by the laws of the State of Colorado and constitutes the entire understanding between the Parties, superseding all prior agreements and representations.