What makes Colorado real estate different?

For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com

I recently took some accreditation classes in another state.  It was eye-opening for me to understand how much the laws vary from state to state.   Since a major portion of my business is from Internet leads and from people moving to Colorado Springs from other parts of the country,  these classes were very helpful.

Some other articles that could be of interest:

Did you know ?

  1. Colorado is an “actual knowledge” state, which means as Colorado Realtors we only need to disclose facts that we know and we must disclosure material facts. Some states are “imputed knowledge states”, which means Realtors are expected to know certain things.
  2. Most Realtors in Colorado list properties for sale in their local MLS and ask for 1% for Earnest Money.   Some areas in the U.S. ask closer to 10% for Earnest Money.
  3. The majority of Colorado Springs homes get listed in some type of MLS database; and many homes get listed in multiple MLS’s.    There are some major cities in the U.S. that don’t have an MLS.
  4. Colorado doesn’t have dual agency.  Many states still have dual agency.   In Colorado you can only be an agent for either the Buyer or the Seller, you can not be an agent for both.
  5. In Colorado, real estate contracts are in writing. In some states, real estate contracts can be oral and are enforceable in a court of law.
  6. In Colorado, the homes listed in the MLS include basement (below ground) square footage.  In some states, the MLS will only allow Realtors to list above ground square footage.  This can cause some challenges for national databases and consumer sites, including Zillow.
  7. In Colorado, every listing must include a Square Footage Disclosure which shows were the broker obtained the square footage information.  Many states don’t use this type of disclosure.
  8. In Colorado, lawyers are often times not involved in real estate contracts. In many states, lawyers are almost always part of the transaction.   Colorado Realtors are allowed to use approved Colorado Real Estate Forms; but any new forms should be done by a lawyer.
  9. A sales representative working for a builder is NOT required to be a Realtor in Colorado.  In fact, most sales reps aren’t licensed Colorado Realtors.
  10. Every Real Estate broker in Colorado carries their own Errors and Omissions Insurance.  There are states that don’t require Realtors to carry this insurance.
  11. Colorado’s Contract to Buy Sell is currently 16 pages.  Some states only have a 3 page buy sell contract.

Do you have anything I should add to my list?

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For more information on Colorado Springs Real Estate, please feel free to call Kathy at 719-287-1049 or email:  KTorline@msn.com