At the time I was in law school, Colorado was known as a “buyer beware” state when it came to residential real estate. In other words, the buyer had the burden of discovering any defects in the residential property he or she might be interested in purchasing. On the flip side, the seller was legally obligated to disclose to potential buyers any latent defects (i.e., defects not readily apparent) of which the seller was aware. The failure to disclose such defects could amount to fraud and result in liability for the seller.
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Homeowner's Associations
Given that approximately 2 million people in Colorado belong to a homeowners association – there are 8,000 such associations active in Colorado, a low number, in my view - it is not surprising that the uneven, often poor performance by homeowners’ associations continues to make the news. A front page article of the Denver Post February 13, 2012 edition reads “HOA house may get put in order.” According to the article, the legislature is once again pondering how to make homeowners associations function more efficiently and reliably.