Prospective home sellers in Colorado would need to seek legal counsel on what they should disclose about their property, as there are different rules from a state and federal level.
If you’re planning to sell a house, many Denver real estate attorneys can help you in complying with regulations. Remember that non-disclosure, whether unintentional, may lead to additional costs through penalties.
What to Disclose
Some of the most commonly disclosed information about a house for sale in Colorado include the source of drinking water, the property’s verified location in a special tax district and if it is in a common interest community. Federal laws will apply if you are selling a house that was built before 1978.
This policy requires sellers to inform buyers if the property used lead-based paint. You would also need to complete several standard forms, including the Seller’s Property Disclosure.
Colorado recently added the Green Disclosure Form as a requirement, which informs the buyer about the property’s sustainable features. Sellers of modern homes are more likely to submit this form, especially in some areas where demand has been strong.
An index ranked Colorado Springs and Denver among the top 20 cities in June for single-family housing markets in the U.S. While Colorado Springs ranked higher than Denver, home prices in the latter city have been on an upward trend.
The median price for a standalone house in the Mile High City surged to $452,500 in June, up 7% year over year, according to the Denver Metro Association of Realtors.
Times have changed, and home sellers in Colorado are no longer allowed to withhold certain information about a property until the buyer asks about it. If you find the disclosure rules as quite confusing, consider legal assistance from a lawyer who specializes in property transactions.