ContractsIntermediateColorado Exam

In the Colorado Contract to Buy and Sell, the 'Closing Date' is:

AAlways 30 days after contract acceptance

BThe date by which title transfer and funding must be completedCorrect

CThe date the buyer takes physical possession of the property, in general

DThe date the inspection must be completed

Why The date by which title transfer and funding must be completed Is Correct

Answer B: The date by which title transfer and funding must be completed

The Closing Date in a Colorado Contract to Buy and Sell is the date by which the closing documents must be signed, funds transferred, and title conveyed to the buyer. Possession may occur at closing or on a separately negotiated date.

Exam Tip: Contracts

Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.