The Colorado Contract to Buy and Sell Real Estate includes a 'Loan Objection Deadline.' What happens if the buyer cannot obtain satisfactory financing by this deadline?
Why C. The buyer may terminate the contract and receive an earnest money refund if the objection is timely Is Correct
Answer C: C. The buyer may terminate the contract and receive an earnest money refund if the objection is timely
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.
Key Contracts Terms in This Question
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Key Terms to Know
A 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.
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.
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