During a transaction for a Boulder condominium, the seller's broker provides the CCIOA-required HOA documents to the buyer on Tuesday, November 5. The buyer's broker confirms receipt in writing that same day. The parties had signed the Contract to Buy and Sell Real Estate on October 28. The HOA review period under CCIOA is 5 days. What is the last day the buyer can submit a Notice to Terminate based solely on the HOA document review?
Correct Answer
B) November 10 (5 days after receipt of documents on November 5, excluding the receipt date)
Under CCIOA (C.R.S. § 38-33.3-209.4), the HOA document review period begins upon RECEIPT of the documents, not upon contract execution. The review period is 5 days from receipt. When counting days under Colorado real estate contract conventions, the day of receipt (November 5) is not counted as Day 1 — the count begins the following day. Therefore: Day 1 = November 6, Day 2 = November 7, Day 3 = November 8, Day 4 = November 9, Day 5 = November 10. The buyer's last day to terminate is November 10.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
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