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Who is responsible for verifying square footage in a home?
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.
Who is responsible for completing the seller's property disclosure form in Colorado?
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.
What do you legally have to disclose when selling a house in Colorado?
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.
Does Colorado Require square footage disclosure?
Section 4. It requires the listing licensee to disclose the square footage of the floor space of the living area of the residence to the buyer and seller when a licensee disseminates such information, including submission to a multiple listing service.
Is a seller's property disclosure mandatory in Colorado?
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.
colorado seller's property disclosure
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But, there are 12 states that are still considered \u201cnon-disclosure:\u201d Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Utah and Wyoming. In a non-disclosure state, transaction sale prices are not available to the public.
Is mold disclosure required in Colorado?
Colorado doesn't have any statutes or regulations that require landlords to disclose high concentrations of mold in rental properties to prospective tenants or buyers.
Do you have to disclose mold when selling a house in Colorado?
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.
What happens if seller lies about square footage?
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.
What happens if seller lies about square footage?
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 sellers property disclosure
REE 202 - Common Course Numbering System
This course includes Colorado Contracts and Regulations, Closings, and Recordkeeping and Trust Accounts ... X Discuss the Seller¿s property disclosure form.
Understanding the Seller's Property Disclosure Forms
Feb 9, 2021 — The Seller's Property Disclosure (SPD) is an important disclosure form for the real estate broker to discuss with their respective client.
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