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Lenders and the Interstate Land Sales Full Disclosure Act

Co-Author: Kirsten A. Westerland   At the time of the publication of this article, the demand for residential lots is dead. Lenders find themselves foreclosing on and owning lots. When lenders sell those lots, they need to be mindful of the Interstate Land Sales Full Disclosure Act (“ILSFDA”). ILSFDA is somewhat like a mini-securities law for … Continue Reading

Collection Tools For Builders

  In the late 1980’s, the Colorado building community suffered through a bust. In many situations, contractors allowed their account receivables to mount in mistaken reliance upon the perceived strength of their mechanic’s lien rights. Though mechanic’s liens can be tremendously powerful weapons in the collection battle, they are not all powerful. A sound account … Continue Reading

Builder Warranties For New Homes – What You’re Getting, and What You Are Not

  Question: I am considering buying my first new home. I have heard there is a “statutory builder’s warranty” which I will receive at closing from my builder/seller. What is this warranty, and what does it do for me? Answer: Contrary to popular belief, there is no such animal as a “statutory builder’s warranty.” There … Continue Reading

New Law Affects Claims Arising From Construction Defects

Co-Authors: Cinthia M. Manzano, Esq. and Oliver E. Frascona, Esq. Law regarding construction defect changed effective April 2003. Please see new article at: Construction Defect Law: Effective April 2003 Colorado has enacted a law affecting construction defect litigation. The Act, called the Construction Defect Action Reform Act, applies to actions filed on or after August … Continue Reading

Who Can Lien On Whom?

  A construction lender lends funds to an owner. The owner acts as its own general contractor and hires subcontractors to build a building on the owner’s property. For whatever reason (e.g. mismanagement, embezzlement, bad luck), the owner does not pay the subs. The subs stop work and file mechanic’s liens. Neither the lender nor … Continue Reading

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