Patricia is purchasing a unit in a condominium complex in Aurora, Colorado. After receiving the full CCIOA resale disclosure package, Patricia reviews the HOA's financials and is concerned about the adequacy of the reserve fund. She wishes to terminate the contract based solely on her review of the HOA documents. Under CCIOA, which of the following statements is correct regarding Patricia's termination right?
Correct Answer
A) Patricia may terminate the contract for any reason within the statutory review period after receiving the HOA documents, without penalty
Under C.R.S. § 38-33.3-209.4, a buyer in a common interest community has the right to terminate the contract for ANY reason — or no specific reason — within the statutory review period that begins upon receipt of the required HOA documents. Patricia does not need to cite a specific deficiency or meet a threshold; her subjective dissatisfaction with the reserve fund is sufficient grounds to exercise her termination right within the review period.
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Related Topics & Key Terms
Key Terms:
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