Seller Disclosures Know your rights as a Buyer!

By Mark Malone, Esq.

Colorado’s real estate market is booming, it is important to know your rights as a buyer if a seller fails to disclose various items to you.

Required Disclosures.

The Seller MUST disclose:

If the property was built prior to 1978, there must be a lead-based paint disclosure;
Whether the property is in a special taxing district;
Whether the property is part of a common interest community;
Whether the property has ever been used as a methamphetamine laboratory;
The source of the home’s drinkable water;
Any proposed transportation projects; and
Information regarding surface and mineral estate rights.

Other Common Seller Disclosures:

Improvements;
Issues with Appliances;
Issues with any electrical work;
HVAC issues;
Sewer Issues;
Use, Zoning and Legal Issues;
Environmental conditions;
General defects about the property;
Issues with Title;
Expansive soils; and
Generally, any information that a buyer would find of significant importance about the property.

Claims you can bring if a Seller fails to disclose:

Breach of Contract;
Nondisclosure: Under Colorado law, a seller of residential property has an independent duty in tort to disclose all “latent but known defects.”
Misrepresentation, this is slightly different than Nondisclosure because this claim takes an affirmative representation of the Seller which turns out not to be true.

Potential Damages:

Cost of Repair or replacement;
Revocation of the sale of the property;
Potential inconvenience damages;
Loss of rent; and
Attorney fees and costs.

Disclaimer: The information in this blog post (“post”) is provided for general informational purposes only, and may not reflect the current law in your jurisdiction. No information contained in this post should be construed as legal advice from Muhaisen & Muhaisen, LLC. or the individual author, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through, this Post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.