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.
• 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.
Are You Buying a Home in Aspen or the Surrounding Communities?
We’d love to help you find your dream home here. Call us at 970-429-8275 or contact us online to let us know what you’re looking for so we can start searching right away.
While you’re here you can also browse our:
- Aspen real estate listings
- Basalt real estate listings
- Carbondale real estate listings
- Snowmass real estate listings
- Woody Creek real estate listings
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