Q: Can a buyer terminate real estate contract because they don't like the HOA interaction they are having?
I am under contract to sell my condo, and the Buyer is sending a notice to terminate the contract because they don't like the HOA interaction they have had with some questions. Is that grounds for them to terminate in Colorado? Seems like a weak argument.
A: A buyer can terminate....but that does not mean that you have to agree to release the earnest money back to them.
A: Dear Condo Seller: The buyer has an opportunity to invoke cancellation of the standard Colorado Purchase Contract for HOA issues that meet LIMITED CRITERION (the HOA finances, HOA records, pending assessments, etc) - however, a buyer whom "doesn't like the interactions" with the HOA management company is NOT ADEQUATE GROUNDS FOR CANCELLATION, and constitutes a breach of the purchase contract. You should serve out a Legal Demand Letter identifying your intentions, well before the date for closing. I have experience with multiple hundreds of these situations and can offer fixed fees for incremental assistance (demand letter, mediation as next step, etc). JIM GREER is an attorney licensed to practice in CO and CA and has specialized in real estate matters for the past 30 years; nothing herein shall be construed as the offering of legal advice insofar as Mr. Greer is not in an attorney-client capacity with the inquiring party. 303.818.8422
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