A Colorado buyer is reviewing the CREC-approved Contract to Buy and Sell Real Estate with their broker. The broker explains that certain deadlines in the contract, if missed by the buyer without written action, result in automatic waiver of the buyer's right. Which of the following is NOT an example of a deadline that, if missed, results in the buyer waiving a contingency right?
Correct Answer
C) Closing date — buyer fails to appear at closing due to personal scheduling conflict
The closing date is NOT a contingency deadline that results in a waiver of a buyer's contingency right if missed. The closing date is the contractual deadline for completing the transaction. If the buyer fails to appear at closing without a valid contractual basis, this constitutes a breach of contract — not a waiver of a contingency. The consequences of missing the closing date include potential forfeiture of earnest money and exposure to damages, not merely waiver of a contingency. Contingency waiver by inaction applies to specific contingency deadlines (inspection, loan, HOA review), not to the closing date itself.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
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.
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