What Are Property Disclosures?

Published On: July 3rd, 2017|Categories: Aspen, Blog, Buying|Tags: Buying a Home, Buying a Home in Aspen, Disclosures, Property Disclosures|

Whether you’re looking for a luxury home in Aspen, a ranch in Basalt, or a condo in Snowmass, you need to know that property disclosures are an important part of your transaction when you decide to purchase a house.

What Are Property Disclosures?

Every home has its own quirks and flaws. Although most buyers opt for the security of a home inspection, there are certain issues that a seller is required to disclose under state and federal law.

Federal Disclosure Requirements

Homes constructed prior to 1978 may contain lead paint. Federal law requires sellers of older homes to disclose the presence of any lead paint to the prospective buyer.

State Disclosure Requirements

State disclosure laws vary widely and can change frequently, so if you’re coming here from another state, be aware that they may not be the same in Colorado. Common disclosure requirements include:
• pollution issues
• whether the home is in a flood zone
• whether the home is in a historic district
• any prospective zoning changes
• any history of termite damage
• previous mold or water damage
• any violent crimes that occurred on the premises
When in doubt, sellers should be upfront about any known issues. Most problems will come to light during the inspection anyway, and failing to mention them will only make the potential buyer suspicious and possibly derail the transaction altogether.

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