Under the Colorado Common Interest Ownership Act (CCIOA), which of the following is NOT typically required to be provided to a buyer as part of the HOA resale disclosure package?
Correct Answer
C) A complete list of all individual unit owners within the community
Under CCIOA (C.R.S. § 38-33.3-209.4), the required HOA resale disclosure package includes the budget, reserve study, financial statements, and governing documents (declaration, bylaws, rules). A complete list of all individual unit owners is NOT required to be included in the resale disclosure package. Privacy considerations and the practical irrelevance of such a list to a buyer's purchasing decision make this an excluded item.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
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