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Disclosures - What are they and what do they mean?
Be an Informed Buyer and Seller
Seller's Property Disclosure: The seller's duty is to advise the buyer of conditions that materially affect the value and desirability of the property to the buyer. The Seller's Property Disclosure attempts to elicit seller's information bearing on the value and desirability issues. The seller's property disclosure form is completed solely by the seller(s) and to the best of their current and actual knowledge. Material facts are commonly referred to as anything that would affect the buyers decision to purchase or the price or terms the buyer offers. The disclosure is not required by law or the listing contract, and the seller may decline to provide the disclosure, however the seller must still disclose all latent and other material defects, even if selling 'as is'.
Lead Based Paint Disclosure: The seller is the party obligated to disclose lead-based paint. The seller provides a disclosure that there could be lead-based paint if the property has a building permit issued prior to January 1, 1978.
Mold Disclosure: Mold Disclosure is not a required form in Colorado. Buyers are recommended to obtain an inspection of the property by a home inspector before the expiration of the Inspection Object deadline indicated in the contract to buy and sell real estate.
Square Footage Disclosure: Rule E-43 of the Colorado Real Estate Commission requires that the listing agent disclose the source of any square footage measurement that is provided to sellers and potential buyers for residential property. The listing broker can measure the property and describe the method used, or the listing agent may use sources that are reliable (i.e. Assessors Office).
Source of Water Addendum Disclosure: The seller of residential property must list the source of potable (drinking) water for the property. Either this form, the Seller's Property Disclosure, or both can be used to meet the Source of Water requirement. If the source is a well, the permit number is listed. If not a well, the water provider is listed.
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