As a REALTOR® what do I need to know about Senate Bill 100 (“SB100”), the law which requires sellers to provide homeowners association governing documents and other financial information to buyers?
Response: The Colorado Real Estate Commission Update course for 2005 educated REALTORS® about the basic information which real estate brokers need to know to comply with SB100. The most significant impacts of SB100 for REALTORS® are: (1) the bill requires sellers to provide the governing and financial documents for a common interest community to buyers on or before the Title Deadline, along with a disclosure statement regarding the documents; (2) it also requires the seller to obtain an acknowledgment from the buyer confirming the buyer’s receipt of these documents on or before closing; and (3) the seller is also obligated to provide this receipt to the owners’ association as soon “. . . as is practicable . . .” after closing. The Real Estate Commission has promulgated its form entitled, “Common Interest Community (CIC) Documents Receipt and Disclosure to Buyer” (having form number CIC33-10-05) to help real estate licensees comply with SB100. The purpose of this article is to go beyond
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