Different Disclosures When Selling Your Crested Butte Home
There are many moving parts when it comes to selling your Crested Butte home. Especially when it comes to seller disclosures. This is a very important part, as it accurately represents what you are selling to the buyer.
Different Disclosures When Selling Your Crested Butte Home – The Seller Property Disclosure
So what does the Seller Property Disclosure say? “Seller states that the information contained in this Disclosure is correct to Seller’s current actual knowledge as of this date. Any changes will be disclosed by seller to buyer promptly after discovery.”
You want to disclose everything you know as the Seller. Many states, including Colorado, require Sellers to tell prospective buyers about certain conditions on the property before sold. It’s not like the past where sellers were allowed to stay silent about problems. If you fail to comply with seller disclosure laws, you could be sued and held liable for costs and feeds associated with the nondisclosure.
Keep Records of your Crested Butte Service Providers
Did you have Timberline Mechanical or CB Electric do some work on your home? It can be very helpful to keep these records and reference the work on the Seller Property Disclosure – and provide the details for the buyer.
I generally advise Sellers to also produce a “Service Provider List” for the buyer. Let’s realize that buyers are nervous about the condition of any home they have no experience with. Having a full list of service providers gives the buyer peace of mind that the home has been well cared for – and if there are questions they can call the service provider. Not only that but they can step into the current owner’s shoes by using the same service providers that have experience with the home.
Colorado State Statutes
Colorado state statutes require that sellers of residential property disclose the following to the buyer as well:
- 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.
- If the property is part of a common-interest community, which the buyer will be obligated to become a member of and pay assessments to.
- If the property has been used as a methamphetamine laboratory, unless it has been fully remediated.
- The source of the home’s potable (drinkable) water.
- Any proposed transportation projects that may affect the property.
There are also certain disclosure obligations to other agents and buyers for a seller’s broker. A broker can be sued, held negligent or fined by the state real estate commission if they fail to disclose information. They could even lose their real estate license.
Square Foot Disclosure – The seller is required to provide the buyer with a square foot disclosure. This should specify the total livable square footage of the residence as known by the seller. The source of the square footage and the date of the measurement are to be reported as well. Normally, the county assessor’s site will be referenced and this number used, unless there is an appraisal that has a larger number. Building plans may be used, but a home is not always built exactly to the plans. If there is a question, I recommend to my clients to hire an appraiser to come re-measure your home.
Lead Based Paint Disclosure
There are many homes in the Crested Butte area that were built prior to 1978, and homes built before 1978 may have lead-based paint.
Lead from paint, paint chips, and dust can pose serious health hazards. Exposure of lead is especially harmful to young children and pregnant women. Sellers must disclose known information on lead-based paint or lead based paint hazards before selling a house. Real estate sales contracts must include a specific warning statement about lead-based paint. Buyers have up to ten days to check for lead. Buyers must also receive a federally approved pamphlet on lead poisoning prevention. If you are short-term renting your home, landlords must disclose known information on lead-based paint and lead-based paint hazards before leases take effect. Leases must include a specific warning statement about lead-based paint.
There can be many questions regarding the condition of your Crested Butte home. You may not know some answers to them. That’s why it’s always a good idea to keep repair and service provider records. Then you can do a “reverse inspection”. I suggest hiring an inspector to perform a detailed property inspection and then fix the items that have issues. This is always a good idea instead of not knowing and waiting for the buyer to find a number of issues. Doing this will give the buyer a peace of mind and your home will stand out among your competition, selling at a higher price and in a shorter amount of time!
How can I help you?
I have over 30 years of business experience and am a top real estate agent in the mountain town of Crested Butte, Colorado representing affluent clients who are buying and selling their homes and properties. To see featured properties or search the MLS – visit chriskopf.com.
Are You Considering Buying or Selling a Home in the Crested Butte Area?
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