Contracts
In Colorado, what happens to a real estate contract if a party dies before closing?
AA. The contract automatically terminates
BB. The contract generally survives and is binding on the deceased party's estate, unless the contract specifies otherwise✓ Correct
CC. The surviving party may walk away without penalty
DD. The property reverts to the government
Explanation
In Colorado, a real estate sales contract is generally binding on the estate of a deceased party. The transaction can typically proceed with the estate's representative acting on behalf of the deceased.
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