Contracts
In Colorado, which contract provision allows the buyer to back out if they cannot sell their current home by a certain date?
AA. The financing contingency
BB. The sale of buyer's property contingency✓ Correct
CC. The inspection contingency
DD. The appraisal contingency
Explanation
The 'Sale of Buyer's Property' contingency in the Colorado CBS contract (or a separate addendum) allows the buyer to terminate the contract if their current home is not under contract or sold by a specified deadline. The seller may retain the right to continue marketing and issue a notice to perform if another buyer is found.
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