Contracts
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?
AA. The contract automatically terminates
BB. The seller must extend the deadline
CC. The buyer may terminate the contract and receive an earnest money refund if the objection is timely✓ Correct
DD. The buyer is required to proceed without financing
Explanation
In the Colorado CBS contract, if the buyer cannot obtain satisfactory loan terms by the Loan Objection Deadline, the buyer may timely object and terminate the contract, entitling the buyer to a refund of the earnest money. Missing the deadline may waive the right to terminate on this basis.
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