The 2006 addenda system has been updated to:

• Obligate buyers and sellers to comply with the new Common Interest Community (CIC) disclosure laws;
• Address RESPA compliance;
• Include contingencies for short pay-off transactions; and
• Conform to the Commission's new forms.

With the 2006 package, you receive:

1. A RESPA Compliance addendum.
2. Addendum A, a one page addendum with non-controversial paragraphs which brokers will use in most deals.
3. "Copy and Paste" Clauses to use as needed in additional provisions and counter-proposals addressing deal specific situations.
4. An addendum to the buyer listing agreements.
5. An addendum to the seller listing agreements.
6. Two different addenda addressing what the industry calls "right-of-first refusal" situations.
7. The Notice to Seller (For Things Other Than Property Condition) form.
8. Broker Disclosure [To Buyers] Regarding New Construction Contracts form.
9. A form allowing a broker to document that the client wants to stop marketing the property while keeping the listing alive.
10. A clause which provides for a reduced commission on the listed property if the client purchases the replacement property through you.

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By Jonathan A. Goodman & Karen J. Radakovich

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?

The Colorado Real Estate Commission Update course for 2005 educated REALTORSΠabout the basic information which real estate brokers need to know to comply with SB100. The most significant impacts of SB100 for REALTORSΠare: (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 the basics and address some of the nuances and uncertainties surrounding the effect of SB100. This article does not purport to be a comprehensive discussion of SB100. It is a complicated bill which addresses many things of interest to anyone who lives or owns property in a common interest community, anyone who is involved in the governance of common interest communities, and anyone involved in developing common interest communities. This article limits itself to addressing issues which are relevant to the practice of real estate brokerage. This Part 1 addresses seven questions. Part II, addresses six remaining questions about Senate Bill 100.

Question 1:

In the Colorado Real Estate Commission's disclosure form, the buyer is acknowledging receipt of the Declaration, Covenants, Bylaws and Rules of Regulations of the homeowners' association. Is this a comprehensive list of all the documents which a seller is required to provide to the buyer under SB100?

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This publication is intended to provide accurate and authoritative information on the subject matter covered. It is distributed with the understanding that the publisher and distributor are not rendering legal, accounting or other professional service, and assume no liability in connection with its use. Copyright © 2006.

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• 2006 Colorado Residential Contracts Addenda
• Senate Bill 100
• Maintenance (Alimony) - Myths and Realities
• HOA Superliens
• Meet The Attorneys

By Gregg A. Greenstein

Alimony has its historical origins in the assumption that a woman who left her husband would be unable to support herself. However, if a wife divorced her husband without cause, or if she was an adulterer or engaged in other conduct that made her "at fault," the wife would not be able to collect maintenance.

When no-fault divorce laws developed in the 1970s and 1980s, alimony concepts changed in many ways. For example, alimony is now referred to as "maintenance" in many states. Furthermore, maintenance is determined without regard to marital misconduct in many states, including Colorado.

Breaking through the myths surrounding maintenance can help alleviate tensions concerning maintenance, help the parties reach an agreement, or help prepare for a hearing.

Myth: Only husbands have to pay maintenance.

Reality: A husband or a wife can be ordered to pay child support. Generally, the spouse earning the higher income may be ordered to pay maintenance to the spouse earning the lower income.

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By Janeen R. Hill & Jonathan A. Goodman

I just bought a property through the foreclosure process. I expected that the foreclosure of the first deed of trust would extinguish all liens against the property, including delinquent homeowner's association fees. Now the association is claiming a lien for six months of assessments, plus the attorneys fees spent attempting to collect them. Didn't the foreclosure clear the HOA lien from the property?

No, as confirmed by the recent Colorado Court of Appeals decision in First Atlantic Mortgage, LLC v. Sunstone North Homeowners Association, 2005 WL 427700 (Colo. App.).

Historically, HOA assessments were subordinate to the first deed of trust on a property, and had no recourse but to redeem if the senior deed of trust foreclosed on the property. The Colorado Common Interest Ownership Act ("CCIOA") was effective July 1, 1992. CCIOA is modeled on the Uniform Common Interest Ownership Act (the "Uniform Act"), some form of which has been enacted by more than 20 states. The Colorado version of the Uniform Act are in line with the Uniform Act as applied in other states, and so is the decision in First Atlantic.

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Gary S. Joiner

Mr. Joiner received his Juris Doctor from the University of Denver in 1975. His practice emphasizes Corporations, Partnerships, Securities, Estate Planning, Finance, Real Estate, Business and Association Law.

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Amanda S.P. Howe

Ms. Howe received her Juris Doctor from the University of Colorado in 2005. Her practice emphasizes Securities, Corporations, and Real Estate.