Finance
What is the purpose of a 'loan contingency removal' date in a Colorado real estate contract?
AThe date the buyer must pay off all other debts
BThe deadline by which the buyer must confirm financing is secured or exercise the loan contingency to terminate✓ Correct
CThe date the lender must approve the loan or lose the deal
DThe date the buyer must close if financing is obtained
Explanation
The loan contingency in the Colorado Contract (Loan Objection Deadline) gives the buyer a window to review and object to their loan terms. If the buyer doesn't object by the deadline, the loan contingency is waived and they are committed to proceed.
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