Robert owns a condominium in a planned community governed by CCIOA in Boulder. He wants to sell his unit. Under the Colorado Common Interest Ownership Act, which document must the seller provide to the buyer to satisfy HOA disclosure requirements?
Correct Answer
A) A current HOA resale certificate along with the association's budget, reserve study, and governing documents
Under CCIOA (C.R.S. § 38-33.3-209.4), a seller of a unit in a common interest community must provide the buyer with a current HOA resale certificate, along with the association's budget, reserve study, and governing documents (including CC&Rs, bylaws, and rules). The buyer then has a specific review period beginning upon receipt of these documents during which they may terminate the contract based on the HOA documents. This comprehensive disclosure package is one of Colorado's most distinctive HOA requirements.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
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