Under the CREC-approved Contract to Buy and Sell Real Estate, which of the following contingency deadlines, if missed by the buyer without written notice, results in the buyer WAIVING that contingency and being obligated to proceed?
Correct Answer
B) The inspection objection deadline
Under the CREC-approved Contract to Buy and Sell Real Estate, the inspection objection deadline is a buyer contingency deadline. If the buyer fails to deliver a written Inspection Objection by this deadline, the buyer is deemed to have waived the inspection contingency and must proceed to closing. This is a hallmark of Colorado's standardized contract system — buyer contingency deadlines operate as automatic waivers if the buyer takes no action.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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