| Listing your home for sale? Providing honest real estate disclosures |
is an essential part of the transaction.
As a general rule, you are required to disclose anything that could potentially have a negative impact on the value of the home, such as:
- Structural damage
- Water damage
- Plumbing/sewage issues
- Damage from insects, birds, animals, etc.
- Weather damage
- Problems with the roof
- Electrical/wiring problems
In the state of Colorado, sellers are also required to let potential buyers know:
- If the property is part of a common interest community that the buyer will be required to become a member of.
- The source of the home’s drinkable water.
- If the property is located in a special taxing district.
- If the property has been used as a methamphetamine laboratory, unless it has been thoroughly remediated.
- About any proposed transportation projects that could affect the property.
Finding Potential Problems to Disclose
Typically, sellers are only required to disclose problems that they are aware of. If you know you have a leaky roof, for example, you need to let potential buyers know. If, on the other hand, your home has electrical issues that you were unaware of and were not detected during an inspection, it is not your obligation to disclose them.
Having your home inspected prior to listing it for sale is advisable. Doing so ensures that you know exactly what needs to be disclosed and will help you accurately price the property.
Having the home inspected will also provide you with a degree of protection in case the buyer finds a problem down the road. If the inspector didn’t list the problem in his report, you can successfully claim that you were unaware of the issue.
Legal Help With Real Estate Disclosure Requirements
Selling a home on your own can be challenging. For someone who isn’t experienced in Colorado real estate law, it can be difficult to meet all the legal requirements of the transaction.
While it may seem like selling your home on your own is a good way to keep more money in your pocket, doing so puts you at much greater risk of making mistakes that could potentially cost a fortune. Your best bet is to have an experienced real estate attorney on your side.
At The Law Offices of Eric L. Nesbitt, P.C., we specialize in real estate law. I am well-versed in representing clients in “for sale by owner” real estate transactions. From helping your make the proper real estate disclosures to closing the sale, I will help you make the process of selling your home go as smoothly as possible. Contact my office today by calling (303) 741-2354 for a consultation.
Eric L. Nesbitt, Esq.
Law Offices of Eric L. Nesbitt, PC
Nesbitt Law Offices Website