Offered by Jan Hepp-Struck, Hepp Realty
Whether you are buying or selling a home, it’s important to understand the basics of seller disclosure laws. Colorado statutes require disclosure of the following:
- That the property may be in a special taxing district, and where the buyer can go to find out whether the property is, in fact, within such a district
(Colorado Revised Statutes Annotated “C.R.S.A.” § 38-35.7-101).
- If true, that the property is part of a common interest community, which the buyer will be obligated to become a member of and pay assessments to (C.R.S.A § 38-35.7-102).
- If true, that the property has been used as a methamphetamine laboratory, unless it has been fully remediated (C.R.S.A. § 38-35.7-103(3).
- The home’s source of potable (drinkable) water (C.R.S.A. § 38-35.7-104).
- Any proposed transportation projects (such as a light rail project) that may affect the property (C.R.S.A. § 38-35.7-105).
- As of January 1, 2016, the surface and mineral estate rights, as well as any oil and gas activity (C.R.S.A. § 38-35.7-108).
To facilitate the selling process, the Colorado Real Estate Commission recommends completion of an approved standard residential property disclosure form that includes information about appliances, electrical system, heating and cooling, water system, roof, environmental conditions, structural conditions, and other items like zoning violations. As a seller you and your broker can be held liable for costs and fees associated with nondisclosure if you fail to disclose the required information to the best of your “current actual knowledge” as of the date of form completion.
It’s important to note, however, that while the regulations cover material defects that could affect a buyer’s decision to purchase the property, circumstances that could psychologically impact or stigmatize the property (i.e. property was the site of a homicide, suicide, felony, etc.), do not have to be disclosed.
For proven expertise in buying or selling a home, call Jan at 303. 520.4340
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