HB 17-1358

House Bill 17-1358, which has been signed into law in Colorado, requires real estate brokers to disclose their fees or the method for calculating these fees in writing during any sale or lease transaction. This includes specifying how much each party involved will pay if the costs are split between them. Additionally, brokers must include this information on all marketing materials and online listings related to specific properties. This law affects anyone buying, selling, or leasing real estate who uses a broker's services. Since it has been signed into law, it is now enforceable in Colorado.

Official Summary

The bill requires that, in any sale or lease of real estate, the amounts payable to anyone acting as a broker in the transaction (e.g., buyer's agent, seller's agent, transaction-broker) be disclosed in writing, either as part of the contract or otherwise, and accounted for. If the amount payable is allocated between the parties, the portion for which each party is responsible must be separately stated. Brokers are required to disclose their fees or the basis for calculating their fees on all marketing materials relating to any specific property, including on-line multiple listing services. (Note: This summary applies to this bill as introduced.)

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