Whether you’re planning on buying or selling a property, it’s important that you familiarize yourself with your state’s disclosure law so as to avoid any problems in the future. Today, Colorado Professionals Title in Highlands Ranch would like to offer some guidance regarding disclosure law in Colorado.
What information must sellers disclose?
Sellers are required by law to offer potential buyers certain information regarding defects and problems with the property they are selling. The information required varies from state to state. In Colorado the information required includes, but is not limited to; structural issues (including the roof and foundation), problems with any appliance or equipment (dishwashers, alarms, etc.), moisture or water problems, damage due to termites, problems with the wiring, plumbing, ventilation, and drainage.
Sellers must also disclose any environmental concerns including the presence of hazardous materials, mine shafts, or dead, diseased or infested trees or shrubs.
Sellers are also required by federal law to disclose the presence of lead paint on the property, which is likely if it was built prior to 1978.
Colorado disclosure law specifically requires that sellers make potential buyers aware of:
- Proposed transportation systems that may affect the property
- Any history of methamphetamine manufacture on the property (unless fully remediated)
- If the buyer is obliged to become a member of a common interest community upon purchasing the property
- The home’s source of potable water
- If the property may be in a special taxing district and the means by which a buyer can find out whether this is the case
What if an issue is not disclosed?
Sellers are obliged to disclose any known defects. They cannot be held liable for defects of which they were not aware. Whether a seller was indeed aware of any given defect is difficult to establish, however, so many sellers opt to undergo a thorough home inspection and be very forthcoming with their disclosures so as to avoid any legal issues in future. If a seller is believed to have been aware of a defect discovered after a sale, they can be held liable for any costs associated with repairs and any legal fees incurred, which could be very costly indeed.
If you are looking to buy a property, make sure to look for other pertinent information that may not be included on disclosure forms; we previously offered a few suggestions in this guide, so be sure to read it! If you need any further assistance throughout the home buying or selling process, contact Colorado Professionals Title. We offer a huge range of services, including title insurance in Highlands Ranch.
Call (303) 268-4278 or contact our other offices to find out how we can help you.