CO HB1151

Colorado Real Estate Commission must establish rules by January 1, 2011 requiring sellers to disclose residential property proximity to airports, airparks, or military airfields in seller property disclosure forms.

Disclosure requirement applies to residential real property located within 5 statute miles of the property boundary of an airport, airpark, or military airfield.

Sellers must complete a checkbox on property disclosure forms indicating whether the residential property is within 5 statute miles of an airport, airpark, or military airfield boundary.

If seller completes the checkbox, purchaser waives claims for relief against the seller or licensed real estate professionals for damages resulting from the airport proximity, but retains all other legal remedies against the seller.

Act takes effect 90 days after final adjournment of the general assembly (August 11, 2010), unless subject to referendum petition requiring voter approval in November 2010.