Colorado Residential Real Estate Contract
Description
How to fill out Colorado Real Estate Home Sales Package With Offer To Purchase, Contract Of Sale, Disclosure Statements And More For Residential House?
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FAQ
But, there are 12 states that are still considered non-disclosure: Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Utah and Wyoming.
Unlike in the past, when sellers were allowed to stay silent until asked about problems under the doctrine of caveat emptor (buyer beware), Colorado now requires sellers to actually tell prospective buyers about certain conditions on the property being sold.
Today the law in most states requires that sellers disclose all known material defects affecting the value or desirability of a property to potential purchasers.In Colorado, the Real Estate Commission has approved a standard seller's property disclosure form, for both residential and vacant land.
If a seller fails to disclose, or actively conceals, problems that affect the value of the property; they are violating the law, and may be subject to a lawsuit for recovery of damages based on claims of fraud and deceit, misrepresentation and/or breach of contract.
Sellers of real estate in Colorado are generally not required to disclose facts that may psychologically stigmatize real prop- erty to a prospective buyer (Stigmatizations). Stigmatiza- tions may include such things like murder, death, suicides, and hauntings in a certain property.
Expiration date of the offer. Purchase price. Initial deposit. Down payment amount. Financing terms. Required home inspection. Contingencies. Warranties.
A real estate deal can take a turn for the worst if the contract is not carefully written to include all the legal stipulations for both the buyer and seller.You can write your own real estate purchase agreement without paying any money as long as you include certain specifics about your home.
California, like many states, requires its residential property sellers to disclose, in writing, details about the property they have on the market.
If you are selling a home, you are required to disclose only facts actually known to you. In other words, you are not required to disclose facts about the property that you should have known, nor are you required to commission any inspections of your property in advance of filling out the form.