Property Management
Colorado's 'Mold Disclosure Act' provisions require disclosure of mold primarily in:
AAll commercial properties being sold
BResidential rental units where the landlord has actual knowledge of mold conditions✓ Correct
COnly properties that have been remediated for mold
DAll new construction regardless of mold presence
Explanation
Colorado law requires residential landlords to disclose known mold conditions to tenants. Landlords with actual knowledge of significant mold in a rental unit must disclose this to current and prospective tenants.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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