Disclosure laws? - Posted by Tom

Posted by John Merchant on July 30, 2006 at 11:39:07:

RESPA puts a legal burden on every residential seller to disclose whatever he knows…and since all you now know is iffy, I’d disclose it and the whole story and let the B decide.

Your CO RE Broker should know the CO disclosure rules and what’s required as per CO law.

I’d get another impartial inspection, survey, etc…whatever’s required to nail down and KNOW what the foundation situation is so you can tell future buyer prospects that info.

Disclosure laws? - Posted by Tom

Posted by Tom on July 28, 2006 at 22:27:02:

I have a small parcel of land for sale in southwest Colorado. Last year, a woman from Las Vegas offered on the parcel, we were under contract, then she and her broker failed to show at closing, offering no explanation. The contract terminated, of course, and I kept half of her earnest money. Six months later, I had another buyer under contract when an engineering report from a firm this woman “hired” after my contract with her terminated surfaced two weeks before that closing. To be ethical, my broker and I decided to disclose the report, which mildly suggested the parcel might need extra foundation work before it could be built on. Nevertheless, the buyer walked and we have since determined the report is bogus. Since it was apparently done vindictively and not done as part of due diligence under contract, do I have to disclose it in the future?