Legal Question in Real Estate Law in Colorado

''as is'' real estate contract?

my husband and I recently purchased a home through a financial istitution that I was with for many years. the disclosure we recieved stated no knowledge of anything as they never lived in the property (and was givin to us 1 week after closing when we signed our loan papers which they made us back date)come to find out the home was owned by an ex-employee (1 month prior to whom thay still had contact and property was taken back deed in lieu)there is many problems from foundation to elec to plumb. (approx.100K)They are saying we have no recourse because of ''as is'' contract. Is there any way around this? we asked to have a real estate agent in the transaction to represent us and they simply stated ''no''. Even the stuff in the contract they agreed to fix has not been done 5 months later. additionally they kept telling us for 1 year we did not qualify for a home untill we got approved somewhere else and they recieved this home also we did not qualify for that amount either but they said they ''would make it work'' is this fraud? I cannot find any laws about ''as is'' contracts either. Can you help?


Asked on 1/12/09, 7:13 pm

1 Answer from Attorneys
Robert Murillo Pivotal Legal Ltd.

Re: ''as is'' real estate contract?

Sorry about the problems. As to them not complying with items in the contract, that is breach of that provision and you need to review the contract and proceed to to get compliance.

As to "as is" contracts, those are generally allowable absent some aspect of misrepresentation and fraud in the inducement and other limits. Additionally, there is an implied aspect of good faith in contracts and they may have violated this covenant. You really should have sought legal counsel rather than just an agent.

You must provide the contract to an attorney for close review and for further discussion about their actions. Good luck.

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Answered on 1/13/09, 9:26 am


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