§ 38-35-111 — Option to purchase - notice for one year only

(1) Recorded
instruments in writing of the nature of an option to purchase affecting title to real
property under the terms of which instruments possession is not delivered to the
purchaser shall not constitute notice to any person for a period of more than one
year after the time specified in such instrument for the conveyance of said
property. After the expiration of such period, such instrument shall cease to be
notice to any person for any purpose.

(2) All such instruments which have been recorded prior to March 28, 1927,
shall constitute notice only for one year from said date if the time for performance
therein fixed has expired. Thereafter such instruments shall cease to be notice to
any person for any purpose. In the event the time for performance specified in such
instrument has not expired by March 28, 1927, such instrument shall constitute
notice only for a period of one year from the time in said instrument specified for
performance, and thereafter the same shall cease to be notice to any person for
any purpose.

(3) If a notice of lis pendens conforming to the requirements of section 38-35-110 is recorded prior to the expiration of the one-year period, such instrument
shall continue to be notice until the later of the expiration of such period or the date
the lis pendens ceases to be in effect or expires and ceases to be notice in
accordance with the provisions of section 38-35-110.

Legislative History

Source: L. 27: p. 591, � 10. CSA: C. 40, � 116. CRS 53: � 118-6-11. C.R.S. 1963: � 118-6-11. L. 2002: (3) amended, p. 51, � 4, effective March 21.