Q: In Colorado, if I signed a contract to purchase real estate, can I legally terminate within the first 24 hrs?
I have not provided earnest money yet.
A:
Dear Colorado Real Estate Cancellation Client: unfortunately while there are "cooling off" periods allowable under the law in certain other transactions (mortgage loans; memberships to health clubs; door-to-door sales; home solicitation sales), the entering into a Purchase Contract for residential real estate does not provide a "catch all" cancellation. Instead you will need to study your Contract and determine the other, statutory or contractual, methods of potential cancellation. As with any significant purchase of this nature, you should seek guidance from an attorney in your region. Best wishes.
JIM GREER practices in Boulder CO and Del Mar CA, and advises that there is not an attorney-client relationship in the providing of this response and therefore the response should not be considered final legal advice as it is offered as a courtesy only.
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