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I live in Colorado. Saturday, June 26, I sold a sailboat to…

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I live in Colorado....
I live in Colorado. Saturday, June 26, I sold a sailboat to an individual for $5,000.00. On Sunday June 27, he called to say he was gong to stop payment on the check and return the sailboat under the 3 day cooling off statute. Does he have the right to return the boat just because he changed his mind?
Submitted: 8 years ago.Category: Legal
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6/28/2010
Lawyer: Lucy, Esq., Attorney replied 8 years ago
Lucy, Esq.
Lucy, Esq., Attorney
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Lucy, Esq. :

Hi, my name is XXXXX XXXXX I would be happy to answer your questions today.

Lucy, Esq. :

In a word: No. There is no cooling off period in Colorado for the purchase of vehicles, which includes boats. It's a myth.

Lucy, Esq. :

The contract is valid and enforceable at the moment he hands you the check and takes the boat (even if it's not in writing). He has no right to cancel and change his mind. You're under no obligation to take the boat back, and you can sue him for the $5,000 if the check does not clear his bank.

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Lawyer: Lucy, Esq., Attorney replied 8 years ago
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