When the time comes to sell your home, you likely want a quick sale. However, there are legal obligations and regulations to consider. Believe it or not, there are property sale laws in Colorado that we all must adhere to. Typically, a real estate agent would help you with this process. It’s often better to educate yourself on the matter, though. We have talked to home buyers from Colorado and they discussed the following points.
According to Colorado law, you are required to disclose all defects of the property to potential buyers. First, use the Colorado Real Estate Commission approved disclosure form. Fill it out completely. If you forego the form, you may leave yourself open to a costly lawsuit.
Furthermore, any home built before 1978 using lead paint must be disclosed to the buyer under federal law.
A prospective buyer should provide a written offer with their proposed terms. If said terms are unacceptable, you may produce a counteroffer with further changes. We recommend using the Real Estate Commission Counterproposal Form to submit a counteroffer to the buyer.
A purchase agreement, once accepted and executed, becomes a legally binding document. It must include all the necessary details. The final purchase agreement will include agreed-upon terms and an accepted or ratified purchase agreement.
Typically, a real estate purchase agreement will include a contingency, which are potential issues that must be resolved before any deal is finalized. A home inspection, for example, is a common contingency. Should the inspection reveal any issues, you must then decide how to produce; whether you wish to repair said issues, adjust the price, or do nothing.