Seller's Property Disclosure (Residential) - Colorado

Seller's Property Disclosure (Residential) is a legal document that was released by the Colorado Real Estate Commission - a government authority operating within Colorado.

FAQ

Q: What is a Seller's Property Disclosure?
A: A Seller's Property Disclosure is a document that sellers of residential properties in Colorado are required to provide to buyers. It contains information about the property's condition, including any known defects or issues.

Q: Why is a Seller's Property Disclosure important?
A: A Seller's Property Disclosure is important because it helps buyers make informed decisions about purchasing a property. It allows them to review any known defects or issues with the property before making an offer.

Q: What information does a Seller's Property Disclosure typically include?
A: A Seller's Property Disclosure typically includes information about the property's structural condition, systems (such as plumbing and electrical), environmental hazards, and any past or current issues the seller is aware of.

Q: Who is responsible for filling out the Seller's Property Disclosure?
A: The seller is responsible for filling out the Seller's Property Disclosure.

Q: Are sellers required to disclose all known issues?
A: Yes, sellers are required to disclose all known issues with the property. It is important for sellers to be honest and thorough when completing the disclosure form.

Q: Can sellers be held liable for failing to disclose known issues?
A: Yes, sellers can be held liable for failing to disclose known issues. If a buyer discovers undisclosed issues after the purchase, they may have legal recourse against the seller.

Q: Is a Seller's Property Disclosure required for all residential property sales in Colorado?
A: Yes, a Seller's Property Disclosure is required for all residential property sales in Colorado, unless the property is exempt from disclosure requirements (e.g., new construction, foreclosure sales).

Q: Can buyers waive their right to receive a Seller's Property Disclosure?
A: Yes, buyers can waive their right to receive a Seller's Property Disclosure. However, it is generally recommended that buyers review the disclosure to ensure they have full information about the property.

Q: What should buyers do if they have concerns about the information in the Seller's Property Disclosure?
A: If buyers have concerns about the information in the Seller's Property Disclosure, they should consult with their real estate agent or an attorney for guidance.

Q: Is a Seller's Property Disclosure the same as a home inspection?
A: No, a Seller's Property Disclosure is not the same as a home inspection. A home inspection is a separate process conducted by a professional inspector, whereas the disclosure is completed by the seller.