Don’t Scare, But Be Aware of Colorado’s Lead-Based Paint Disclosure Requirements

The Colorado Real Estate Commission (“CREC”) has ensured that residential Sellers and Buyers abide by the Lead-Based Paint Disclosure federal regulation by including a lead-based paint provision in Section 10.10 of the CREC approved Contract to Buy and Sell Residential Real Estate. It is important to note that changes to the Contract were made effective on January 1, 2019. The changes to Section 10.10 of the Contract now allow Buyers to “waive the failure to timely receive the Lead-Based Paint Disclosure,” if the Buyer does not timely receive such disclosure.

Let the Buyer Beware: New Build Purchase Contracts

Builders of new construction are not required to use the Colorado Real Estate Commission form contract (“Colorado Form Contract”). The Colorado Form Contract is required to be used by real estate brokers in the transaction for previously owned homes to protect buyers and sellers from common disputes that arise in residential real estate transactions. Because these contracts are usually written by the builder’s attorney in the builder’s favor, the buyer is well advised to have their attorney review any contract for the purchase of new construction.

Looking to Secure Your Right to Develop?

A vested property right guarantees a developer’s right to follow through with their plan even if future zoning rules would prohibit that type of development. The ability to obtain vested property rights is a matter of public policy. Vested property rights provide stability and follow-through to developers while stimulating economic growth and encouraging the public and private sectors to cooperate in land use planning.

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