Q: In Colorado how many days are allowed for a prospective buyer to back out of a RE contract and change their mind.
In Wisconsin it used to be 3. We heard 10 in Colorado. Now someone said 25 days???
Who gets the earnest money? Is it legal for the Broker to take half?
A:
Once the contract is signed the contract is binding, i.e. there is no 3 day right of rescission.
However, the Colo Real Estate Commission's form contract is very buyer friendly and provides several opportunities for the Buyer to terminate the contact, at Buyer's sole subjective discretion, and demand the full return of his earnest money.
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