When you’re selling a home, you need to let potential buyers know everything about it—and you’ll do that through a disclosure form.
But what goes on a disclosure, and what, exactly, do you have to tell buyers?
What is a Disclosure in Colorado?
In the state of Colorado, people who are selling residential property must disclose several things to buyers, including:
- 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 (Colorado Revised Statutes Annotated “C.R.S.A.” § 38-35.7-101)
- If true, that the property is part of a common interest community, which the buyer will be obligated to become a member of and pay assessments to (C.R.S.A § 38-35.7-102)
- If true, that the property has been used as a methamphetamine laboratory, unless it has been fully remediated (C.R.S.A. § 38-35.7-103(3))
- The home’s source of potable (drinkable) water (C.R.S.A. § 38-35.7-104)
- Any proposed transportation projects (such as a light rail project) that may affect the property (C.R.S.A. § 38-35.7-105)
- As of January 1, 2016, the surface and mineral estate rights, as well as any oil and gas activity (C.R.S.A. § 38-35.7-108)
Every home must meet the requirements in 42 USCA §§ 4851-56, as well, which covers lead-based paint on a property. Typically, this one only affects homes built before 1978—but if it applies to your home, you’ll have to ensure that your buyers have a copy of “Protect Your Family From Lead in Your Home”—it’s a free download from the Environmental Protection Agency.
What Your Realtor® Will Do
Your Realtor will ensure that you’ve supplied buyers with the proper disclosures and that you’re in compliance with federal and state law.
Naturally, if you have any questions, ask! A good Realtor welcomes questions and will be able to explain the laws, rules and regulations in ways that make sense to you.
Are You Selling Your Home in Grand Junction?
Call us at 970-765-4135 or contact us online. We’ll be happy to give you a free comparative market analysis so you know exactly how much your home is worth, and we’ll give you our best advice based on our knowledge of the local market and your situation.