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Pitfall #1: Misrepresenting Square Footage or Lot Size Discrepancies in square footage or lot size may lead to a lawsuit in which a buyer claims that a seller's agent made misrepresentations in the listing.
Colorado courts have concluded that sellers are in a superior position to know the condition of a house and therefore have a duty to disclose defects in the house, which is typically accomplished through a seller's property disclosure form.
Areas that are not included in square footage are unfinished areas, garages, patios, decks, porches, and sheds. In some markets and standards, basements may not be included, even if they are finished and heated.
When a Broker Advertises the square footage of a residential property, including for submission to a multiple listing service, the Broker must disclose the source of the square footage of the floor space of the living area of the residence to Consumers on the Commission-Approved Form.
An agent may calculate square footage based on how much living space there is\u2014in other words, areas of the home that are heated such as the kitchen, bathrooms, bedrooms, and so on. The appraiser, on the other hand, evaluates the total value of a home.

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An agent may calculate square footage based on how much living space there is\u2014in other words, areas of the home that are heated such as the kitchen, bathrooms, bedrooms, and so on. The appraiser, on the other hand, evaluates the total value of a home.
In Colorado, sellers have a duty to disclose information the buyer would find of significant importance about the property. This information is a material fact. Sellers are also supposed to reveal issues that could negatively affect the property's value. This is an adverse material fact.
An agent may calculate square footage based on how much living space there is\u2014in other words, areas of the home that are heated such as the kitchen, bathrooms, bedrooms, and so on. The appraiser, on the other hand, evaluates the total value of a home.
Both the seller and listing broker have obligations concerning the use of this form, and the buyer and buyer's broker need to have an understanding of what this form represents by way of disclosures. The SPD form is referenced in the Contract to Buy and Sell (CBS) in section 10.1: \u201c10.1. Seller's Property Disclosure.
Colorado's Disclosure Laws. Colorado state statutes require that sellers of residential property disclose the following to buyers: That the property might 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.

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