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Real Estate Dictionary, “L” is for Latent Defects
Knowledge is Power — Real Estate Dictionary
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
I’m looking at buying a house in Rockrimmon, and my Colorado Springs Realtor said that I should check for latent defects, what is she talking about? A latent defect is a physical weakness not noticeable after a reasonable inspection of the property. Since some homes in Rockrimmon were built over old mines; you may want to have structural engineer involved in the inspection.
Why do I need to find out if a home in Old Colorado City has lead-based paint in it? Because, lead-based paint is a hazardous product that is no longer manufactured and it is potentially poisonous The presence of lead-based paint must be disclosed to buyers and tenants residing in a property built before 1978.
I’m looking a purchasing a home in Monument, Colorado that is advertised as a lease with an option to buy, what does this mean? It essentially means that the tenant has the right to purchase the home under certain conditions during the terms of the lease. Many conditions can be included in the lease which can stipulate the purchase price, the monthly rent, the time frame of the lease, and what portion of the rent goes towards the downpayment. If you decide to move forward on purchasing this home, you may want to contact a lawyer for legal representation to make sure you understand the lease option.
What is the legal age for buying real estate? in Colorado, the legal age for real estate is 18 years and older. This age varies state-by-state.
My Realtor said there are three liens on the property; not sure I understand what a lien is? A lien is a legal encumbrance against the value of a property. The lien is not against the owner of the property. There are many types of liens that can be filled, including ones for mortgages, for personal property taxes, for mechanic’s liens, and for federal taxes.
I called on a house that was listed For Sale By Owner, and the seller asked me if I had liquid assets to purchase the house, why does he need to know this? The seller may have wanted to know if you had enough cash (or assets that can quickly be converted to cash) to purchase the home, or to put down an earnest money check.
The Colorado Real Estate contract has a box that my Realtor checked under Liquidated Damages, what is this? When this box is checked on an offer, you are agreeing to the full and the final amount of damages received if a certain event occurs. As an example, if you decide not to a buy house the day the closing is scheduled, you may be subject to liquidated damages and could loose your Earnest Money.
Why do I need to sign a Listing Contract to sell my Home in Palmer Lake with a Realtor? A Listing Contract is essentially a contract between you and a licensed Colorado Realtor for the purpose of providing services to find a ready, willing and able person to buy a particular property under the terms specified in the contract. It’s essentially an employment contract.
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