Students taking the state exam should be prepared to answer questions on this content.
Senate Bill 06-89: Requires disclosures related to the power and authority of homeowner associations to be in bold print within a residential contracts starting January 1, 2007. The language alerts the Buyer that the Buyer is required to make homeowner association payments or a lien may result against the property, that the HOA may impose certain restrictions on the use of the property, that before any remodeling is done consent from the HOA is typically required to be obtained, that the Buyer should obtain and read copies of the common interest documents such as the Declaration, Bylaws, Rules and Regulations and obtain information on the financial obligations of the Buyer to the HOA.
Senate Bill 06-02: Requires that a Seller disclose in writing whether the Seller has knowledge that the property was previously used as a methamphetamine laboratory. The law grants the buyer a right to have residential property inspected by a certified hygienist or industrial hygienist to test whether the Property has ever been used as a methamphetamine laboratory. The buyer is granted the right to "terminate the contract" in the event the inspection (by a certified hygienist or industrial hygienist) shows that the property had been used as a methamphetamine lab and the condition of the property has not been remediated to satisfy the standards determined by the Colorado Board of Health.
