Colorado Letter of Agreement
Description
How to fill out Letter Of Agreement?
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FAQ
The purpose the Square Footage Disclosure is to tell how the property was measured or the source of measurements if the listing broker did not measure the property.
Residential sellers and real estate brokers in Colorado have a duty to disclose any defect known to them that would materially affect a buyer's decision to purchase the property. Failure to disclose defects may result in legal liability.
In Colorado, the seller's property disclosure responsibility also extends to the real estate professional. Colorado statute provides that a broker acting as a seller's agent must disclose to any prospective buyer all adverse material facts actually known by such broker.
There are three surefire ways to terminate a listing agreement ing to real property law ? death, insanity, or bankruptcy of either the broker or the seller. Depending on the contract, someone who has power of attorney for the seller may be able to continue the sale of the home.
Colorado has a specific agreement that is used to buy and sell residential property called the Colorado Real Estate Commission's Contract to Buy and Sell Real Estate.
There is no legal requirement to initial on a contract or agreement. However, there are certain laws or requirements that do require initials to be made on certain documents, particularly for statutory prescribed documents/forms or where formality is statutorily provided.
Attic space is counted if it is finished and heated. If the ceiling is sloping, square footage is counted for areas where there is at least a five-foot ceiling clearance. Areas that are not included in square footage are unfinished areas, garages, patios, decks, porches, and sheds.
In every residential sales transaction, a Square Footage Disclosure form is required to be completed and signed by both the Seller and Buyer.