Contracts
The Colorado Contract to Buy and Sell includes a Title Objection Deadline. If the buyer fails to submit title objections by this deadline:
AThe contract automatically terminates
BThe buyer waives the right to object to title matters disclosed in the title commitment✓ Correct
CThe seller must cure all title defects regardless
DThe closing date is automatically extended by 30 days
Explanation
If a buyer fails to submit written title objections by the Title Objection Deadline, the buyer is deemed to have accepted title in its current condition and waives the right to object to matters shown in the title commitment.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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