Different Disclosures When Selling Your Crested Butte Home
The law requires you as a seller to disclose certain things about your Crested Butte home to your buyer. These disclosure obligations aren’t only for you as the seller however. The seller’s brokers have certain disclosure obligations to other agents and buyers as well. Failure to disclose information a broker knows could result in the state real estate commission suing, holding negligent and fining an agent, and the agent could lose their real estate license. Knowing about the different disclosures you need will help you avoid any of these kinds of situations. Here’s a few things you should know about the different disclosures when selling your Crested Butte home.
Seller Property Disclosure
The main one of the different disclosures when selling your Crested Butte home is seller property disclosure.
“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. In the past sellers were allowed to stay silent until asked about problems under the doctrine of “caveat emptor” (buyer beware). The law now requires sellers to tell prospective buyers about certain conditions of the property for sale. Failure to comply with seller disclosure laws may result in your being sued, and held liable for costs and fees associated with the nondisclosure.
In addition to the condition of the home, many state statutes require that sellers of residential property disclose the following to the buyer:
- 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.
Square Foot Disclosure
The seller is required to provide the buyer with a square foot disclosure specifying the total livable square footage of the residence as known by the seller. The seller must report the source of the square footage and the date of the measurement 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, it is best to hire an appraiser to come re-measure your home.
Lead based paint disclosure
The last of the different disclosures when selling your Crested Butte home is the lead based paint disclosure. Did you know that many homes built before 1978 have lead-based paint? Lead from paint, paint chips, and dust can pose serious health hazards. Lead exposure 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. 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.
Different Disclosures When Selling Your Crested Butte Home Final Thoughts
I hope you see the level of detail and time and effort I put into this candid article Different Disclosures When Selling Your Crested Butte Home. I have become a Top Real Estate Agent in Crested Butte by providing my clients with information and insight. This helps my clients to make informed decisions. Some decisions are not always easy.
This article is an example of what you can expect from me as your agent.
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I have over 30 years of sales and marketing 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.
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