Contracts
In Colorado, a 'contingency' in a real estate contract means:
AA. The contract is already final and cannot be changed
BB. A condition that must be met for the contract to remain binding; if not met, either party (per the contract terms) may terminate✓ Correct
CC. The seller can back out at any time
DD. The buyer must close regardless of any conditions
Explanation
A contingency is a condition that must be satisfied for the transaction to proceed. Common contingencies in Colorado CBS contracts include financing, inspection, appraisal, title, and sale of buyer's property.
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