A buyer is under contract to purchase a unit in a Denver condominium association governed by CCIOA. The seller delivers all required HOA documents to the buyer on Monday. The buyer reviews the reserve study and discovers the association is severely underfunded. Under CCIOA, when does the buyer's review period begin for purposes of exercising their termination right?
Correct Answer
A) Upon the buyer's receipt of the HOA documents
Under CCIOA (C.R.S. § 38-33.3-209.4), the buyer's HOA document review period begins upon the buyer's RECEIPT of the required documents — not upon contract execution, delivery to a broker, or any other date. This is a critical distinction because it protects buyers by ensuring the review clock does not start until they actually have the documents in hand. The buyer may terminate the contract within the review period based on the contents of the HOA documents.
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Related Topics & Key Terms
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