H.B. 07-1156 Sales - mandatory disclosure - water source. Requires every listing contract, contract of sale, and seller's property disclosure for residential real property to disclose the source of water for the property. If the source is a well, requires the disclosure to include a copy of the well permit. Requires the real estate commission to promulgate rules. Specifies that if the seller complies with the disclosure requirement, the seller is not liable for any inadequacy of the water source.
APPROVED by Governor May 14, 2007
EFFECTIVE August 3, 2007
NOTE: This act was passed without a safety clause. For further explanation concerning
the effective date, see page vi of this digest.
H.B. 07-1157 Real estate foreclosures. Requires a court in an action for unlawful detention of real property following a foreclosure sale (sale) to dispense with appearances by the plaintiff and a hearing in certain circumstances.
States that the acts of a deputy public trustee shall have the same effect as though performed by the public trustee.
Entitles a public trustee to receive a $100 fee for processing a rescission of a sale and a $50 fee for rescheduling a sale after a rescission.
Changes the time by which a public trustee or sheriff (officer) processing a foreclosure shall send notice of the foreclosure to persons on an amended mailing list provided by the holder of the evidence of debt from 60 to 45 days before the actual date of sale.
Specifies that certain persons may cure a default in the terms of a lien being foreclosed, unless a court determines that there is a reasonable probability that a default other than nonpayment of sums due has occurred. States that the use of a good faith estimate shall not change or extend the period or effective date of a statement of all sums necessary to cure a default.
Allows a bid submitted for a sale to be modified orally at the time of the sale only if the person amending the bid is physically present at the sale and modifies and reexecutes the bid.
Changes the maximum period by which the officer may continue a sale for good cause or at the request of the holder of the evidence of debt from 9 to 12 months.
States that a lienor who accepts a redemption amount less than the full amount of a lien or a holder of an evidence of debt who accepts a redemption amount less than the amount bid at sale before the redemption periods expire shall not be entitled to any excess proceeds from the sale.
Directs a public trustee or sheriff to establish written policies for determining how the public trustee or sheriff shall accept documents or records in electronic form by July 1, 2007.
If the successful bidder at a sale is the holder of the evidence of debt foreclosing the deed of trust or other lien, allows the successful bidder, the bidder's attorney or assignee, or the assignee's attorney to rescind the sale without a court order within 8 business days after the sale. Requires the public trustee to confirm the reinstatement by an indorsement that substantially meets a specified form. Allows the holder of the evidence of debt to direct the public trustee to reschedule a sale that was rescinded. Limits claims by a person arising from a rescission of a sale to actual damages.
Specifies that moneys payable as a refund for overpayment of a cure or default or for overpayment of a redemption that remain unclaimed for one year are presumed abandoned and shall be paid to the state treasurer in accordance with the "Unclaimed Property Act".
Shortens the period during which a lienor who wishes to redeem a property shall file a notice of intent to redeem from 10 to 8 business days after the sale. Changes the deadline for the holder of a certificate of purchase to provide a statement of all sums necessary to redeem and per diem interest from 14 to 13 business days after the sale. Shortens the maximum redemption period for the junior lienor with the most senior recorded lien from 20 to 19 business days after the sale. Clarifies the interest rate that a redeeming lienor is required to pay on the amount of the sale.
Requires an officer to attach to the certificate of purchase issued following the sale a copy of the court order authorizing the sale and a copy of the mailing lists for notice of the sale.
Specifies the information that a separate assignment of a certificate of purchase or redemption shall contain. States that the lien represented by a certificate of purchase shall have the same priority as the deed of trust or other lien foreclosed.
States that the indemnity granted by a holder of an original evidence of debt that requests the release of a deed of trust without producing or exhibiting the original evidence of debt is limited to actual economic loss, along with court costs and reasonable attorney fees, and does not cover special, incidental, consequential, reliance, expectation, or punitive damages. Increases the amount of the corporate surety bond provided by a holder who requests the release of a deed of trust without producing or exhibiting the original evidence of debt from one to 1.5 times the original principal amount of the deed of trust.
Changes the effective date of certain provisions of House Bill 06-1387 from July 1, 2007, to January 1, 2008.
APPROVED by Governor June 1, 2007
PORTIONS EFFECTIVE June 1, 2007
PORTIONS EFFECTIVE January 1, 2008
H.B. 07-1225 Professional land surveying - county surveyor duties - establishing disputed boundaries - land survey plats. Clarifies that geodetic surveying and basic control for engineering projects are included in the definition of "professional land surveying" as used in the regulation of professional land surveyors.
Modifies the eligibility requirements to be admitted to the land surveyor-intern examination.
Expands the duties and powers of the county surveyor to conduct surveys for specified purposes and provide certain monuments.
Specifies that any uncertain line, uncertain corner, or uncertain boundary of an existing parcel of land that is recorded with the clerk and recorder of the county in which the land is located and that is in dispute may be determined and permanently established by written agreement of all affected parties. Specifies that if the map or plat of the land that is required to accompany the agreement is prepared by a licensed professional land surveyor, the monuments shall be set for any line, corner, or boundary included in the agreement.
Modifies the definition of "land survey plat" to include the information developed when monuments are set by the surveyor. Requires that all field-measured dimensions necessary to establish boundaries on the ground and a statement defining the lineal units used in a land survey shall be included with every land survey plat.
APPROVED by Governor March 30, 2007
EFFECTIVE August 3, 2007
NOTE: This act was passed without a safety clause. For further explanation concerning
the effective date, see page vi of this digest.
H.B. 07-1265 Public trustee - request to release lien of deed of trust - form. Specifies the form that may be used to make a written request to a public trustee to release a lien of a deed of trust.
APPROVED by Governor April 9, 2007
EFFECTIVE July 1, 2007
H.B. 07-1282 Public works contract - publication of notice of final settlement. Requires publication of notice of a final settlement for work performed under a public works contract only if the amount of the contract exceeds $50,000. Prohibits the division of a public works contract into 2 or more separate contracts for the sole purpose of evading the publication requirement.
APPROVED by Governor April 9, 2007
EFFECTIVE August 3, 2007
NOTE: This act was passed without a safety clause. For further explanation concerning
the effective date, see page vi of this digest.
H.B. 07-1362 Residential property - common interest communities - creation - recorded documents - form and sufficiency. In provisions of the "Colorado Common Interest Ownership Act" pertaining to the recording of documents that disclose information such as boundaries, development rights retained by the declarant, and other matters, clarifies that information need not appear in the form of a label on a plat or map in order to be considered a legally binding identification of parcels that are subject to specific rights or obligations. Gives legal effect to certain information contained in the declaration, a map or plat, or some combination of any two or all of the three documents.
APPROVED by Governor June 1, 2007
EFFECTIVE July 1, 2007
|
||||
|
|
||||
The information on this page is presented as an informational service only and should not be relied upon as an official record of action or legal position of the State of Colorado, the Colorado General Assembly, or the Office of Legislative Legal Services.