Contracts
Under Colorado law, a real estate contract signed by a minor (under 18) is generally:
AVoid and unenforceable by either party
BVoidable at the option of the minor✓ Correct
CBinding on both parties
DBinding only if ratified by a court
Explanation
Contracts with minors in Colorado are generally voidable at the minor's option. The minor can disaffirm (cancel) the contract, but the adult party is bound until the minor disaffirms.
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Key Terms to Know
Purchase Agreement
A 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.
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.
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