If you are selling a house, disclosing material information about an issue with the home and getting it fixed is essential. When you do not disclose, you could be responsible for any resulting injury that occurs to the buyers who purchase your property.
The real estate disclosure process protects all parties involved in a real estate transaction. Depending on where you are selling a house, there may be different laws that govern this process. Each jurisdiction has its own way of defining the nature of disclosures and what is required by sellers in order to protect themselves legally as well as ethically. According to California State Law, “Any agent representing a seller of real property which is improved with a one-to four-family dwelling shall give each prospective purchaser information regarding lead-based paint hazards”.
Read on to learn what you need to know about disclosures when selling your home in Colorado Springs.
Disclose Everything
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Check out your local laws before you make any buying decisions. In many cases, it will be necessary to get permits before performing any type of work. This includes altering appearances or adding new dwellings. Make sure you apply for the correct permits, as not doing so could cause legal trouble later on in case someone protests against your alteration plans due to lack of permit approval. If you are considering purchasing property that is zoned residential but with potential commercial use, ask the seller if they have requested permission from the local authorities for a variance to this zoning law or whether they intend to do so before closing the sale.
Seller Beware
This could complicate the transaction, or even result in you losing the sale. In order to protect yourself and ensure that your house is sold, it is important that you disclose any problems with your home. If an issue is brought to your attention after the sale, then simply apologize for not having disclosed such information before closing.
the seller must disclose known defects (including “latent” defects) about a property. A “latent defect” is one that cannot be seen by inspecting a home but exists nonetheless. For instance, if there was once mold contamination in the basement that has been cleaned up now, but can be detected via lab tests; this would be considered a latent defect. Even if the seller testifies they do not know of mold on the property you might still want to get an official home inspection by a qualified mold specialist.
When these types of situations arise that appear to be an innocent oversight, most people will rush to make things right with the buyer. Potential buyers can be very unforgiving, and in many cases, they are knowingly taking a chance on buying your home “as is” when they buy it. In order to avoid lawsuits and protect yourself from damages due to incomplete disclosures about any defects in your home (such as a leaking roof), you should immediately hire an attorney familiar with real estate transactions and house inspections. The letter of demand for damages needs to specifically state the costs related to damages, including labor costs and contractor markup fees for each repair needed. Additionally, if the repairs are extensive or very costly, there is potential for the number of damages to be multiplied by three if not more.
Consider a Direct Sale
We are going to find an individual who is looking for exactly what you have and get rid of everything else!
If selling your home by yourself, consider getting professional photos taken to showcase its best features. You can show off the large windows, high ceilings, open floor plan, and more. Once you’re done with that, we will list it on our website and other popular sites so people know it’s available. We also highlight listings that meet your price point and preferred area on our site if you are near [zip code] or around any of these areas: Fountain, Security-Widefield, Old Colorado City, Colorado Springs. If you need assistance selling your home quickly with a fair market value price from an experienced property buyer in Colorado Springs then feel free to reach out to HBR Colorado today.
Contact HBR Colorado to learn more at (719) 286-0053.