11 Things You Should Know about Colorado Real Estate
11 Things about Colorado Real Estate
1. Realtors in Colorado need to disclose facts that they know and must disclose material facts. This is because Colorado is an "actual knowledge state." Some other states are "imputed knowledge states" which means realtors are expected to know certain things.
2. Some areas in the U.S. realtors ask 10% for Earnest Money. In Colorado, most realtors ask for 1% Earnest Money for their listed properties in their local MLS.
3. Most of the homes listed in the Summit County area are posted in some type of MLS database. Many of these homes also get listed in multiple MLS's.
4. In Colorado you can only be an agent for either the buyer or seller. In some states dual agency is still allowed.
5. In some states, an oral real estate contract is enforceable in the court of law. In Colorado all real estate contracts are in writing.
6. Colorado's contract to buy/sell is currently 16 pages. Other states only have a 3 page buy/sell contract.
7. In many states, lawyers are almost always involved in real estate contracts. In Colorado most times lawyers are not involved in the process. Lawyers only get involved when there are new Colorado Real Estate Forms. Realtors are allowed to use approved Colorado Real Estate Forms without consent of a lawyer.
8. Colorado homes listed in the MLS database include basement or below ground square footage. In other states, MLS will only allow realtors to list above ground square footage. This causes challenges for the national databases and consumer sites, for example, Zillow.
9. Colorado requires realtors to carry Errors and Omissions Insurance. Some states do not require their realtors to carry this insurance.
10. Most sales representatives working for a builder are not licensed Colorado Realtors.
11. Every listing in Colorado must include a square footage disclosure which shows where the broker obtained the information. Most states do not use this type of disclosure.
Posted at 05:07PM Jan 27, 2012 by Kristin Corsette in General |
