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Question: I know there are some situations where I can change my mind after I've
signed a contract. Can you give me a run down on this?
Answer: I suggest you save this column. Many people think that they have three
days to change their minds after signing contracts. Colorado law, however, is very
specific about Consumer rights in canceling contracts. Contrary to popular belief, for the
most part there is NO three-day right to cancel contracts or purchases in Colorado. The
following exceptions allow you to cancel contracts (pay special attention to whether the
time period is three days or three business days):
You have a three-day "cooling off" period for door-to-door sales of $25.00 or
more. The salesperson must give you written notice of your right to cancel. You have
three days to change your mind and cancel your contract if you purchase services or
goods that could result in a mechanic's lien on your home. Examples include air
conditioning, storm windows and aluminum siding.
You have a three-day period to change your mind on home solicitation sales if
you will be making five or more payments, excluding the down payment. However, it
will not apply for emergency services such as plumbing repairs.
Health club contracts may be canceled within three days after you receive your
copy of the contract. Buyer's club memberships may be canceled in writing by the close
of business on the next business day.
You have no statutory right to cancel a completed sale of a car. When you drive
the car off the lot, it's yours.
Time-share contracts may be canceled within five calendar days after the sale.
Your notice of cancellation should always be in writing. Send the notice by
certified or registered mail so you will have proof of when you sent the notice and proof
that the company received it.
Before signing a contract, be cautious. Never assume that you have the right to
cancel. Make sure you understand the contract. Ask to take it home so you'll have
unpressured time to read and understand it.
If you have questions about contracts or other Consumer issues, call the Attorney
General's office in Denver at 800-332-2071. Call before you sign a contract or make a
commitment that you might regret later.
For more information, contact your local
Colorado State University Extension office.
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