Real Estate Term of the Day: Full Disclosure
FULL DISCLOSURE – a requirement to reveal all information pertinent to a transaction (Barron’s Dictionary of Real Estate Terms)
In the State of Colorado, we use 4 forms for disclosure purposes:
- Seller’s Property Disclosure – Used to disclose latent defects & other information about the home/property
- Lead-Based Paint Disclosure – If the home was built before 1978
- Square Footage Disclosure – Used to disclose the square footage of the home and how that measurement was determined
- Source of Water Addendum – The disclosure of the source of potable water for the property
These documents will be provided to the buyers once an agreement of sale has been made (on or before the Seller’s Property Disclosure Deadline, per the Colorado Contract to Buy and Sell Real Estate)
See also: DISCLOSURE STATEMENT
