A buyer submits an offer on a Colorado condominium. The listing broker knows the property is subject to the Colorado Common Interest Ownership Act (CCIOA) and that the HOA has a right of first refusal. The offer is accepted and a binding contract is formed. Which of the following correctly describes the HOA's right of first refusal under CCIOA?
Correct Answer
B) The HOA may exercise its right of first refusal by matching the contract price and terms within the period specified in the HOA governing documents
Under the Colorado Common Interest Ownership Act (CCIOA, C.R.S. § 38-33.3-101 et seq.), a homeowners association may have a right of first refusal as specified in its governing documents. If such a right exists, the HOA may exercise it by matching the exact price and terms of the accepted contract within the time period established by the governing documents. This is a standard CCIOA provision that buyers and sellers must be aware of in common interest community transactions.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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