QUESTION
due diligence when selling a house. How far do I have to go ?
Asked on Jan 04th, 2015 on Real Estate - Colorado
More details to this question:
We are selling our house knowing that, on the adjacent parcel of land adjoining our subdivision, there is a proposed oil drilling operation. No dirt has been moved yet, and there is pressure being placed on the oil and gas commission to make the drillers move their site to a more appropriate location. I want to disclose what is happening without alarming the buyer. How is the best way to handle this due diligence problem?
1 ANSWER
3 Awards
Disclosure is a good idea, as in CO you have a duty to disclose any "known material defect." This potential drilling site next door could be construed as a material defect as it would effect the price a buyer is willing to pay.
How to disclose, I recommend disclosing of the possibility then producing as much documentation as possible that the Commission may make the driller move to a more appropriate location.
Good luck!
Answered on Jan 04th, 2015 at 1:16 PM
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