Under the Colorado Common Interest Ownership Act (CCIOA), which of the following is NOT a document that a seller of a condominium unit is required to provide to the buyer as part of the mandatory HOA disclosure package?
Correct Answer
D) The personal financial statements of the HOA board members
Under CCIOA (C.R.S. § 38-33.3-209.4), the seller must provide the buyer with the HOA resale certificate, current budget, reserve study, and governing documents (CC&Rs, bylaws, rules and regulations). Personal financial statements of individual HOA board members are NOT required disclosures — they are private personal financial information of individuals and have no place in the statutory HOA disclosure package. The required documents relate to the association's financial health and governance, not the personal finances of its elected officials.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
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