Contracts
In the Colorado CBS contract, the 'Appraisal Condition' (Appraisal Deadline) provision allows the buyer to terminate if:
AA. The property appraises at exactly the purchase price
BB. The property appraises below the purchase price and the buyer timely objects✓ Correct
CC. The seller refuses to reduce the price
DD. The appraiser is not approved by the buyer
Explanation
The Colorado CBS contract includes an Appraisal Deadline (sometimes called the Appraisal Condition). If the property appraises below the purchase price, the buyer may timely submit a written objection and, if not resolved, may terminate the contract and receive an earnest money refund.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Math Concepts
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