QUESTION

disclosure question

Asked on Dec 10th, 2015 on Residential Real Estate - Colorado
More details to this question:
I'm under contract to sell my home in Littleton, Colorado. All of the disclosures have been completed and signed by both parties. The home currently backs to open space, which is one of the attractive features of the home. However, yesterday I received a letter in the mail from the county in which the property is located, indicating that a developer has applied for rezoning of some of that open space, so that a storage facility up to 40 feet tall can be constructed on it. Honestly, I really didn't know who owned that land that I think of as "open space", and in my mind, it's up to the buyer to perform their due diligence and investigate those matters to achieve a comfort level with the purchase. On the other hand, since my marketing included statements about "backs to open space", I sort of feel the need to disclose this news to the buyer, before we close. My question is, am I obligated to disclose something like this? What is my risk if I don't disclose it?
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1 ANSWER

Litigation Attorney serving Castle Rock, CO
3 Awards
Are you obligated to disclose?  Maybe, but likely there is a strong arugment against it. If you don't disclose, rightly or wrongly, you may face suit in the future for failure to disclose, fraud, and damages.  So, it becomes a decision of weighing your risk.   To understand this you need to have a live conversation with an attorney.     Good Luck!
Answered on Dec 11th, 2015 at 5:37 AM

Call Don at (303) 688-0944 or email at Reception@RobinsonandHenry.com This information is provided AS IS; and does not create Client Relationship.

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