The Colorado Common Interest Ownership Act (a/k/a CCIOA) was adopted to govern common interest communities in Colorado. But what exactly is a “common interest community” and how do you know if your association fits into this category?
Section 103 of CCIOA provides definitions of various terms used by the Statute, including the “common interest community”. This term includes the following factors:
- Real estate must be described in declaration; and
- Owner of such real estate must be required to pay fees associated with real estate taxes, insurance premiums, maintenance, or improvement of other real estate; and
- Such other real estate must be described in the declaration.
Based on the above, one thing to remember is associations that do not have mandatory assessments are not “common interest communities” as defined by CCIOA because there is no duty to pay a fee associated with other real estate as required above. Thus, associations without mandatory assessments are not subject to CCIOA or any of its provisions.
If you have questions about defining the common interest community or how this may apply to your community, please contact a Altitude Community Law attorney at 303.432.9999.