Colorado Real Estate Commission requires the following information to be disclosed by licensed real estate brokers in the State of Colorado. We, at VailSmith Properties, respect the law and our privilege to be a member of the National Association of Realtors, Colorado Association of Realtors and the Vail Board of Realtors as licensed professional real estate brokers in the State of Colorado. Please read this important information provided to you to understand the relationships between Buyers and Sellers and our brokerage firm.
For purposes of these Definitions, Buyer also means "tenant" and Seller also means "Landlord".
UNLESS STATED OTHERWISE IN WRITING BY BOTH PARTIES, VailSmith Properties POLICY IS THAT OF A TRANSACTION-BROKER AGENCY.
EITHER OF THE BELOW AGENCY RELATIONSHIP ARE AVAILABLE WITH VAILSMITH PROPERTIES UPON WRITTEN AGREEMENT.
SELLER'S AGENT: A seller's agent is engaged as a limited agent and works solely on behalf of the Seller; Owes duties to the seller which include the utmost good faith, loyalty and fidelity. Will negotiate on behalf of and act as advocate for the seller. Must disclose to potential buyers or tenants all adverse material facts about the property actually known by the broker.
Seller is legally responsible for the actions of the agent when such agent is acting within the scope of the agency. A separate written listing agreement is required which sets forth the duties and obligations of the parties.
BUYER' S AGENT: A buyer's agent is engaged as a limited agent and works solely on behalf of the buyer and owes duties to the buyer which include the utmost good faith, loyalty and fidelity. Will negotiate on behalf of and act as an advocate for the buyer. Must disclose to potential sellers all adverse material facts concerning the buyer's financial ability to perform the terms of the transaction and whether the buyer intends to occupy the property.
Buyer is legally responsible for the actions of the agent when such agent is acting within the scope of the agency. A separate written buyer agency agreement is required which sets forth the duties and obligations of the parties.
TRANSACTION BROKER: A transaction broker assists the buyer or seller or both throughout a real estate transaction with communication, advice, negotiation, contracting and closing without being an agent or advocate for any of the parties; A transaction broker does owe the parties a number of statutory obligations and responsibilities, including using reasonable skill and care in the performance of any oral or written agreement; No written agreement is required.
Out of State Seller's 2% Withholding Tax
Effective JANUARY 1, 1993, CORPORATIONS THAT DO NOT MAINTAIN A PERMANENT PLACE OF BUSINESS IN COLORADO, AND NON-RESIDENT INDIVIDUALS, ESTATES AND TRUSTS WILL BE SUBJECT TO A COLORADO WITHHOLDING TAX FROM THE SALES OF COLORADO REAL ESTATE IN EXCESS OF $100,000.00. THE WITHHOLDING TAX WILL BE THE SMALLER OF TWO PERCENT OF THE SALES PRICE OR THE NET PROCEEDS FROM THE SALES OF THE REAL ESTATE.
THE TAX WILL BE WITHHELD BY THE TITLE INSURANCE COMPANY OR ITS AGENT AND SUBMITTED TO THE DEPARTMENT OF REVENUE, WHERE IT WILL BE CREDITED TO THE SELLER'S INCOME TAX ACCOUNT AS AN ESTIMATED TAX PAYMENT. THE SELLER CAN CLAIM CREDIT FOR THE ESTIMATED PAYMENT AGAINST THE INCOME TAX LIABILITY WHEN HE OR SHE FILES A COLORADO RETURN FOR THE YEAR OF THE SALE.