We have been following the newly adopted requirement that Colorado property owners’ associations register with the Colorado Division of Real Estate (the “Division”) no later than January 1, 2011, or face losing their assessment lien power and enforcement rights. See our earlier reports (Aug. 2010 and Dec. 2010) for background information on this
HOA & CCIOA
Avoiding Successor Liability with CCIOA “Special Declarant Rights” in Foreclosures and Deed In Lieu Transactions
By Otten Johnson on
Many lenders are taking back half-built projects that are subject to the Colorado Common Interest Ownership Act (“CCIOA”). CCIOA governs planned communities, condominiums and cooperatives in Colorado and contains many detailed provisions regarding the ongoing right of a developer (or a “Declarant”) to develop the community and control the board of directors. These rights are…