Maria is selling her single-family home in Denver. She is aware that the basement has experienced water intrusion during heavy rain events but has since patched the wall. She does not mention this issue to the buyer. Under Colorado law, which of the following best describes Maria's obligation?
Correct Answer
B) Maria must disclose the water intrusion history because it is a known material defect
Under C.R.S. § 38-35.7-101 et seq., Colorado sellers must disclose all known material defects using the CREC-approved Seller's Property Disclosure form. Prior water intrusion, even if repaired, is a known material defect that must be disclosed because it affects the property's value and the buyer's decision-making.
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Under the Colorado Seller's Property Disclosure Act, which form must a seller of residential real property use to disclose known material defects to a buyer?
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Tom is purchasing a rural property in Weld County, Colorado. The listing broker mentions that the property has 'water rights.' Tom assumes this means the water rights are automatically included in the purchase price. Under Colorado law, which statement is most accurate?