Buyer's agent Carla is working with clients purchasing a townhome in a planned community in Lakewood governed by a homeowners association. The seller provides the required HOA documents, including the resale certificate, budget, and governing documents, to the buyers on a Tuesday. Under Colorado's CCIOA, when does the buyers' right to terminate based on HOA document review begin?
Correct Answer
A) Upon the buyers' receipt of the HOA documents on Tuesday
Under the Colorado Common Interest Ownership Act (CCIOA — C.R.S. § 38-33.3-101 et seq.) and the CREC Contract to Buy and Sell Real Estate, the buyer's HOA document review period begins upon RECEIPT of the required HOA documents — not upon contract execution, mailing, or lender approval. The review period clock starts when the documents are actually received by the buyer. This is a critical distinction tested on the Colorado state exam.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
A practice where the agent or brokerage represents only one party in a transaction — either the buyer or the seller, but never both.
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
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