Contracts
Under Colorado's Contract to Buy and Sell, the 'Possession Date' establishes:
AWhen the buyer's offer expires
BWhen the buyer takes physical possession of the property✓ Correct
CWhen the title company takes possession of closing funds
DWhen the seller must vacate the property for the appraisal
Explanation
The Possession Date in a Colorado Contract to Buy and Sell establishes when the buyer is entitled to take physical possession of the property, which may be at closing, after closing, or (in rare cases) before closing per a separate possession agreement.
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