Disclosures and Selling Your Crested Butte Home
The process of selling your Crested Butte Home has many moving parts, and Seller Disclosures are important because they accurately represent what you are selling to the Buyer.
What does the Seller Property Disclosure really 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.”
As the Seller you want to disclose everything you know. Unlike in the past, when sellers were allowed to stay silent until asked about problems under the doctrine of “caveat emptor” (buyer beware), many states (including Colorado) now require sellers to tell prospective buyers about certain conditions on the property being sold. 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.
The seller’s broker also has certain disclosure obligations to other agents and buyers – failure to disclose information a broker knows could result in an agent being sued, held negligent and fined by the state real estate commission, and the agent could lose their real estate license.
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 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, it is best to hire an appraiser to come re-measure your home.
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. Are You Short-Term Renting Your Old 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.
Reverse Inspection – There can be many questions regarding the condition of your Crested Butte home. Heck, you may not know, don’t remember or are unsure. This is why it is a good idea to keep records of any repairs, service providers you use and perform something I call a “reverse inspection”. Instead of not knowing and waiting for the Buyer to find a number of issues with your home, I suggest sellers hire an Inspector to perform a detailed property inspection, and then fix the items that are issues. You will give any buyer 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? This information regarding Disclosures and Selling Your Crested Butte Home and the level of detail is representative of what you can expect from me as your Real Estate Agent.
I have consistently been among the top real estate agents in CB and I strive to exceed client expectations. If you are interested in finding out what your property is worth, or considering me to represent you as a Buyer, I would appreciate the opportunity to earn your business (or that of a friend you think I could help).
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For more questions regarding the Crested Butte Real Estate Market contact:
Previews® Property Specialist
Coldwell Banker Bighorn Realty
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