Resources

Challenges to Collection Actions

Filed Under Collections, Litigation

Posted October 2, 2011

An association’s ability to collect delinquent assessments is vital to any community. I am often asked what actions could weaken a lawsuit to collect those assessments. A common collection action is as follows: a homeowner purchases property subject to restrictive covenants but fails to comply with such covenants. A lawsuit based on violation of theGo to Resource

CCIOA Corner – What is a Common Interest Community?

Filed Under Governance, Misc

Posted October 1, 2011

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”. Go to Resource

What Is Fidelity Insurance And Why Your Association Needs It

Filed Under Maintenance & Insurance

Posted October 1, 2011

Many community associations are required by their declarations to carry “fidelity insurance,” but what exactly is fidelity insurance? What does it cover and, perhaps more importantly, what doesn’t it cover? In order to fully protect an association, it is important to understand the limitations and exceptions of an association’s fidelity insurance. In simple terms, fidelityGo to Resource

Foreclosures and Receiverships: Which Action Should the Association Pursue?

Filed Under Collections, Foreclosure, Litigation

Posted October 1, 2011

The typical process for collecting unpaid assessments is to proceed with a lawsuit after an owner has failed to respond to a thirty-day demand letter. This route, although successful in many cases, does not always provide the desired results. Associations are therefore looking to alternative methods of collecting unpaid assessments. Judicial foreclosures and receiverships areGo to Resource

Foreclosure Of Assessment Liens

Filed Under Foreclosure, Litigation

Posted September 30, 2011

Introduction The Association has a lien for unpaid assessments against each unit in the Association. A lien against the owner’s unit for unpaid assessments is granted in most Declarations. The time at which the lien attaches depends upon specific wording in the Declaration. For example, the Declaration may state that the lien attaches when theGo to Resource

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