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Question
If a real estate agent did not tell me about a termite problem that they knew about before hand is the contract still legal and binding ?
Hi Trina,
In Colorado, it is a breach of contract to not disclose a "material fact". The definition of material fact is slightly grey, because it has to do with what a reasonable person would need/use in making a decision. In my opinion, a termite problem is a material fact and should have been disclosed. In Colorado, you would have the right to dissolve the contract and have your earnest money returned however it may be tough to prove that the agent knew about the termites beforehand.
Best of luck!
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Jay Denit
Expertise
I'm a Real Estate Broker/Loan Consultant in the state of Colorado. We have a separate foreclosure investing company, so I'm more than willing to answer any Colorado foreclosure questions for both the home owner and investor. I have sold bank owned homes all across the country for all of the big banks. I'd be happy to answer any questions about buying or selling residential homes and specialize in luxury estates. Furthermore, I have some experience in land acquisition and development and know a touch about water rights. We are a licensed lender in most states, so I can answer general questions about all types of mortgages.
Experience
My experience is really anything that has to do with real estate. From buying and selling to investing and foreclosure, I’ve done it all. Being able to handle the acquisition and financing under one roof gives me the intimate knowledge of all facets of property conveyance. My foreclosure/bank owned property (REO) experience gives me the problem solving mindset to always find a solution.
Organizations
BARA- Boulder Association of Realtors
NAR- National Association of Realtors
CAR- Colorado Association of Realtors
Education/Credentials
Xavier University-- BSBA Finance
Colorado State University-- Professional Certificate in Project Management
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