Under the Colorado Common Interest Ownership Act (CCIOA), a seller of a unit in a common interest community is typically required to provide the buyer with several documents. Which of the following is NOT typically required to be provided by the seller under CCIOA?
Correct Answer
D) The personal financial statements of the HOA board members
Under CCIOA (C.R.S. § 38-33.3-101 et seq.), sellers of units in common interest communities must provide buyers with the HOA resale certificate, current budget, reserve study, and governing documents. Personal financial statements of individual HOA board members are NOT required disclosures — these are private individuals whose personal finances are not part of the association's required disclosures.
Why This Is the Correct Answer
Under CCIOA (C.R.S. § 38-33.3-101 et seq.), sellers of units in common interest communities must provide buyers with the HOA resale certificate, current budget, reserve study, and governing documents. Personal financial statements of individual HOA board members are NOT required disclosures — these are private individuals whose personal finances are not part of the association's required disclosures.
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Related Topics & Key Terms
Key Terms:
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Previous Question
James is selling a farm in Pueblo County, Colorado. The property has historically used water from an irrigation ditch under a decree with a priority date of 1887. James does not mention the water rights in the listing or on the disclosure form. Under Colorado law, what is the most significant concern with James's approach?
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