Boulder real estate disclosure

Code of Ethics for Real Estate Agents

protecting your sprinkler system from freeze damange
Yesterday’s blog focused on freezing. Freeze damage should be disclosed to potential buyers.

When does the seller or Realtor need to have a Boulder real estate disclosure of a known defect?  Here is what the Code of Ethics and Arbitration Manual published by the National Association of REALTORS® states; “any material fact that could affect a reasonable purchaser’s decision to purchase, or the price that a purchaser might pay, should be disclosed.”

Disclosure in English

If the seller or Realtor knows of a material defect to the property, then a Boulder real estate disclosure must be made. Plain and simple.

  • Buyers tend to find these things out in any event, so best to be honest and up front.
  • Realtors can be liable for misrepresentation.
  • Any item that can reasonably affect a purchaser’s decision needs to be disclosed.

Common Real Estate Form

Post flooding, Boulder real estate disclosure is more important than ever. when flood damage occured as in this photo
Post flooding, Boulder real estate disclosure is more important than ever.

Generally when in Boulder real estate disclosure is made with the Sellers Property Disclosure.  This document allows owners to disclose all pertinent information regarding a home to all potential buyers.    Ideally, I like to get this document signed at the time of the initial listing appointment.

Remember, disclosure is in everyone’s best interests. It protects the seller from an irate buyer. It informs a buyer of all issues with a home – perhaps revealing why the price is so good.  And it protects the agent.

Click here for DORA forms and contracts.

 

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