A Colorado broker is representing a buyer purchasing a home in a common interest community in Broomfield County. The seller provides the CCIOA-required HOA documents, including the resale certificate, budget, and governing documents, on March 1. The buyer receives the documents on March 3. The buyer wants to terminate the contract based on her review of the HOA documents. Under the Colorado Common Interest Ownership Act, what is the last day the buyer may exercise this termination right?
Correct Answer
B) March 10 (seven calendar days after receipt of the HOA documents)
Under the Colorado Common Interest Ownership Act (C.R.S. § 38-33.3-101 et seq.), a buyer in a common interest community has the right to terminate the contract within a specific review period after RECEIPT of the required HOA documents (resale certificate, budget, reserve study, and governing documents). The CREC Contract to Buy and Sell Real Estate provides a review period that begins upon the buyer's receipt of the documents. The standard review period is seven calendar days after receipt. The buyer received the documents on March 3, so the termination deadline is March 3 + 7 days = March 10.
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Related Topics & Key Terms
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Related Concepts
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
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