Contracts
In Colorado, a 'Mutual Release' form is used when:
AOnly the buyer terminates the contract
BBoth parties agree to terminate the contract and release each other from all obligations✓ Correct
COnly the seller terminates the contract
DThe broker withdraws from the transaction
Explanation
A Mutual Release is a Colorado Commission-approved form used when both parties mutually agree to terminate the contract and release each other from all further obligations. It also specifies how the earnest money is to be disbursed.
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