Garfield & Hecht

VI. Common Interest Ownership Act.

If you are going to buy a townhome, condominium or home within a homeowners association that was developed after July 1, 1992, the property will most likely be covered by the Colorado Common Interest Ownership Act ("CCIOA"). This Act as recently amended provides that, on or before the date by which you will receive title documents, you are also entitled to receive copies of the homeowners association declaration, bylaws, rules and regulations. You should have your attorney review these documents to ensure that the plats, maps and declaration comply with CCIOA. You should also have your attorney make certain that the homeowners association is not involved in any litigation and has met all of CCIOA's statutory requirements. Where a broker is involved, you will be asked to sign a receipt for these documents. This receipt may also disclose an obligation to pay assessments and to obtain architectural review and approval prior to any exterior changes to the property.