Contracts
The Colorado Contract to Buy and Sell includes a 'title objection deadline.' What must the buyer do by this date?
APay the full purchase price
BSubmit any written objections to title defects found in the title commitment✓ Correct
CComplete all inspections
DObtain final loan approval
Explanation
The title objection deadline is the date by which the buyer must submit any written objections to matters shown in the title commitment. Failure to object by this deadline waives the buyer's right to object to those title issues.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA 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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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