Contracts
What does the 'Closing and Possession' provision of the Colorado CBS contract address?
AA. Only the final walkthrough procedure
BB. The date and time of closing, the deadline for keys to be transferred, and when possession is granted to the buyer✓ Correct
CC. Only the seller's obligation to clean the property
DD. The buyer's right to inspect after closing
Explanation
The Closing and Possession section of the Colorado CBS contract specifies the closing date, the location (usually title company), and the date/time possession transfers to the buyer. Possession may be at closing or at a negotiated time.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
State-Specific Concepts
DRE Regulation
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