It is required, in any Buy-Sell Contract in Colorado, that the seller fill out a Seller's Property Disclosure form to be submitted to the buyer. This form includes anything actually known by the seller about their property and should be filled out to the best of their knowledge. Defects that may be revealed pertain to appliances, the electrical, heating, sewer, mechanical systems, the roof, foundation and more. Remember, this form is filled out by the seller, not the real estate agent.The seller cannot be held liable for answering "no" on the Seller's Disclosure if they do not have actual knowledge of the defect.
As for the real estate agent, they are required by law to practice fair and honest business dealings and to disclose any material facts actually known by the agent to the buyer. These can include defects in the structure of the home, proposed transportation projects or zoning regulations.
For homes built before 1978, a Lead-Based Paint Disclosure is also required to be signed by the seller and their broker and to be given to the buyer before the contract is signed. With this form, the buyer should be given a "Protect Your Family From Lead in Your Home" pamphlet as well.
The seller is also obligated to disclose if the home is in a special taxing district, a common interest community that has assessment dues and the home's source of potable water.
Having an Exclusive-Right to Buy and an Exclusive-Right to Sell contract with an agent is the best way to make sure that you have the guidance you need when buying or selling a home. There are a lot of agreements, disclosures and paperwork involved in a contract to sell, so having someone you can trust will make the process much easier.
To learn more, Contact Us
I am a real estate professional, serving Boulder and Denver, Colorado. My extensive knowledge of the market, coupled with my commitment to provide extraordinary service, has resulted in hundreds of successful transactions. Let me help you buy or sell your home.