Contracts
The Colorado Contract to Buy and Sell contains an 'association documents' deadline. What happens if the HOA documents are not provided within the required time?
AThe contract is automatically void
BThe buyer may terminate the contract and receive a refund of earnest money✓ Correct
CClosing is automatically delayed by 30 days
DThe seller is penalized $1,000 per day
Explanation
If HOA documents are not timely provided under the Colorado Contract to Buy and Sell, the buyer may terminate the contract and receive their earnest money back. This protects buyers from being bound to a contract without reviewing HOA governing documents.
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