Contracts
Under the Colorado CBS contract, the 'New Loan Termination Deadline' is significant because:
AA. It is the date the buyer must apply for a loan
BB. It is the deadline by which the buyer may terminate if they cannot obtain a loan commitment on acceptable terms✓ Correct
CC. It is the date the lender approves the appraisal
DD. It is the date the title company confirms clear title
Explanation
The New Loan Termination Deadline in the Colorado CBS contract is the last date by which the buyer can exercise the right to terminate if unable to secure acceptable loan terms. After this date, if the buyer cannot get financing, they may lose their earnest money unless another contingency applies.
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Key Terms to Know
Earnest Money
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.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
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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