Colorado Unsatisfied Problems Identified in Seller's Files
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How to fill out Unsatisfied Problems Identified In Seller's Files?
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FAQ
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.
On or before Seller's Property Disclosure Deadline, Seller agrees to deliver to Buyer the most current version of the applicable Colorado Real Estate Commission's Seller's Property Disclosure form completed by Seller to Seller's actual knowledge and current as of the date of this Contract."
D) advising the seller of the duty to disclose defects. The seller must complete a disclosure statement; the licensee is responsible for advising the seller of this duty and providing an appropriate form for the seller's use.
California law requires only that sellers disclose known defects, with no obligation to search them out or get expert eyes on the house, such as by getting a home inspection.
Under Colorado law, a seller of residential property has an independent duty in tort to disclose all ?latent but known defects.? See In re Estate of Gattis, 2013 COA 145, ¶ 17.
Disclosing Home Defects: Sellers' Responsibilities If they forget or refuse, the sale is not valid. If a new home buyer discovers a material defect that the seller failed to disclose before the close of the sale, the law may give them the right to cancel the transaction.
Unpaid debts, divorce, property line disputes or even a typo in the property's records can make it unclear who legally owns the home. These issues need to be resolved before a seller can transfer ownership of their home to a buyer.
The seller is obligated to complete a disclosure statement in which any possible material defects should be noted. The licensee is responsible for advising the seller of this duty and for providing an appropriate form for the seller's use.
