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n Colorado, licensed real estate brokers can draft contracts for buying and selling homes as part of their daily work. However, they are not permitted to practice law or provide legal advice. This is due in part to the Conway-Bogue case, a landmark decision that established brokers' ability to prepare documents by filling in standard forms, provided they acted as brokers in the transaction.

    The Colorado Real Estate Commission adopted Rule F in 1971, creating standardized forms for listing and selling real estate. Since then, the industry has evolved significantly due to changes in legislation, economic conditions, and lending rules. The Contract to Buy and Sell Real Estate (Residential) has grown from a single page in 1978 to 21 pages as of August 2024.

    The Forms Committee of the Colorado Division of Real Estate drives these changes, often in response to new federal or state legislation or to address problems with clarity. For example, early contracts lacked inspection provisions, leading to a "buyer beware" approach. Today's contract is a comprehensive document that helps buyers and sellers come to agreements for successful closings.

    While some changes are minor updates or terminology adjustments, others significantly alter the normal course of business. The full list of changes can be viewed in the Redline version of the Contract to Buy and Sell (Residential), available online. Licensed real estate brokers are only licensed to fill out standard forms and must advise buyers and sellers to seek legal advice on any unclear matters.

    Duane Duggan, a Realtor with over 40 years of experience, has witnessed these changes firsthand. He graduated from the University of Colorado in 1978 and has facilitated over 2,500 transactions throughout his career. His book, Realtor for Life, is a result of his extensive experience in real estate.