|HOAs Required to Register with State|
All homeowner associations (whether free-market or deed restricted) are required to register their home owners’ association with the Colorado Division of Real Estate by March 1, 2011.
To register, the HOA representative must fill out a form at: http://www.dora.state.co.us/real-estate/licensing/subdivisions/Subdivisions.htm.
There are consequences if an HOA does not register with the state. The HOA will be unable to:
• Foreclose on a statutory lien
• Enforce a super-lien
• Bring a lawsuit against a debtor for a personal judgment
• Collect attorney fees and costs due to a lawsuit
• Collect prevailing party attorney fees and costs
• Bring forth a lawsuit to enforce building restrictions.
Posted on Wednesday, January 26, 2011