In Colorado, you can get out of a real estate contract if contingencies in the contract, such as inspection, financing, appraisal, or title, are not met or properly exercised by their deadlines. You may also cancel if the seller fails to disclose known material defects. Canceling without a valid contractual reason after deadlines can be considered a breach of contract.
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The information for this answer was found on our Colorado Real Estate Purchase Agreement answers.