Escrow & Title
In Colorado, 'possession at closing' means:
AA. The seller receives the keys at closing
BB. The buyer takes physical possession of the property (and receives the keys) at the time of closing✓ Correct
CC. The title company takes temporary possession
DD. Possession transfers 5 business days after closing
Explanation
When a Colorado CBS contract specifies 'possession at closing,' the seller must vacate and surrender possession of the property (keys, garage door openers, etc.) to the buyer at the closing table. Any delay in the seller vacating can constitute a breach. The contract should clearly specify the possession date and any post-closing possession arrangements.
Related Colorado Escrow & Title Questions
- In Colorado, a property owner seeking to sell a property with a lis pendens on title should first:
- In Colorado, a 'trustor' in a deed of trust is:
- In Colorado, which of the following instruments is recorded to create a lien on real property to secure a loan?
- In Colorado, after a successful non-judicial foreclosure sale, the borrower's right to redeem (buy back) the property:
- In Colorado, a real estate closing 'settlement agent' has a fiduciary duty to:
- In Colorado, 'wire fraud' in real estate transactions is a growing concern because:
- In Colorado, the 'grantor-grantee index' system at the county clerk and recorder allows a title searcher to trace the 'chain of title' by:
- In Colorado, an 'ILC' (Improvement Location Certificate) is required for most residential closings to:
Practice More Colorado Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Colorado Quiz →