Just about everything we do these days exposes us to legal risk. So, it’s no surprise that a real estate transaction has legal risk, too. But, it’s not well known that the risk is disproportionate — it’s much riskier for the seller than for any other party. In a recent study, it was found that the seller was the defendant in 88% of cases!
Not to worry. We have a proactive plan to minimize your risk. Since most lawsuits in residential real estate allege lack of adequate disclosure, here is our three-step plan:
Understand the legal standards for disclosure. Sellers in Colorado are required to disclose “latent defects” about which they have “actual knowledge”. Latent defects are defects that are not visible or apparent on casual inspection. A basement
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