Elena is purchasing a home in Boulder that was built in 1975. The seller's broker informs Elena that federal law requires a specific disclosure related to the age of the property. Which disclosure is the seller required to provide, and what right does Elena have under that disclosure?
Correct Answer
C) A lead-based paint disclosure; Elena has 10 days to conduct a lead-based paint inspection
Under federal law (42 U.S.C. § 4852d), sellers of residential property built before 1978 must provide buyers with a Lead-Based Paint Disclosure and any known lead-based paint records. Buyers are entitled to a 10-day period to conduct a lead-based paint inspection or risk assessment, though they may waive this right. This applies in Colorado as it does nationwide.
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- → What property requires Texas Seller's Disclosure?
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- → Lead-based paint disclosure is required for residential properties built before:
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Robert is a Colorado broker associate listing a home in Colorado Springs. During a walkthrough, he notices what appears to be mold growth behind a loose baseboard. The seller insists it is just discoloration from an old spill and asks Robert not to mention it to buyers. What is Robert's most appropriate course of action?
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A Colorado seller fails to disclose a known material defect — a cracked foundation — on the CREC-approved Seller's Property Disclosure form. The buyer discovers the defect after closing. Under the Colorado Seller's Property Disclosure Act, what remedies may be available to the buyer?