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Division of Real Estate Bimonthly Notification
May, 2024
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Fraudulent Sellers and Ongoing Criminal Land Sales
The Douglas Sheriff’s Department recently reached out to the Division of Real Estate, requesting another advisory to be disseminated to the real estate community regarding the persistence of vacant land scams. While these scams may also take place in single-family homes and condominiums, they most commonly take place on vacant, raw, or undeveloped land. Another common thread among these scams is that the targeted property is not encumbered with a mortgage. Because these scams continue to victimize brokers and the public, the Division would like to take time to revisit this issue as it can happen everywhere in the state.
The essence of the scam is that a broker is contacted by a fraudster about selling a property in an attempt to steal the proceeds from the sale. The fraudster is looking to sell the property, usually on an expedited basis because they need the proceeds for another project or other investment. In truth, the fraudster has selected this particular property, which they do not own, because it is undeveloped or overlooked by the actual owner.
(Read More)
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Announcements & Upcoming Meetings:
Board of Real Estate Appraisers (BOREA) Meeting:
Board of Mortgage Loan Originators (MLO) Meeting:
HOA Info & Resource Center Forum: Registration Requirements for Common Interest Communities
Colorado Real Estate Commission (CREC) Meeting:
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Broker Practice Advisory: Post-Closing Occupancy Agreement
Effective January 1, 2021, the Colorado Real Estate Commission approved an updated Post-Closing Occupancy Agreement form for use by Colorado licensees. While spring weather
may result in added housing inventory on the market in Colorado, the higher interest rates and other factors may still require buyers and sellers to enter into an arrangement to rent-back a property to the sellers while they are making arrangements to move, execute a longer-term lease, or close on a new property. Whatever the circumstances may be, a Post-Closing Occupancy Agreement is an important tool in every licensee’s toolbox, should the need arise.
A Post-Closing Occupancy Agreement (the “Form”) is available for use for up to sixty (60) days following closing. There are a variety of reasons for this, but the primary reason is that lenders may interpret a term longer than 60 days to indicate that the property is not owner-occupied and, might constitute a breach of any lending agreements or deeds of trust. Licensees should know that if seller possession will last longer than sixty (60) days, a document should be prepared by an attorney licensed to practice law in the State of Colorado.
Essentially, the Form clarifies the responsibilities of the buyer (the temporary landlord) and the seller (the temporary tenant). Accordingly, it addresses a variety of topics: maintenance, damage taking place after closing, access to the property by the buyer, and the amount of rent, to identify a few. (Read More)
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HOA Forum: Registration Requirements For Common Interest Communities
Are you new to your community’s board or are you a CAM that has recently obtained new association customers? The Colorado Common Interest Ownership Act (“CCIOA”) has requirements that all Common Interest Communities located in Colorado must register with the Division of Real Estate. At this HOA Forum, the HOA Center’s Program Specialist will cover, in detail, information on what to do, when registration is required, how to renew, and more.
You can join the HOA Information Officer on Friday, May 31, at 1:00 p.m. (MT). All are welcome to attend.
Presentation Details:
- Date: Friday, May 31, 2024
- Time: 1:00 p.m. - 2:00 p.m. (MT)
- Location: Online Webinar Only
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You may register for this event here:
Note: If you are unable to attend, the HOA Information & Resource Center posts a recording of the webinar within a few days following the presentation at the following link: https://dre.colorado.gov/recent-hoa-forums
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Have you checked out our YouTube channel yet? You can find webinar recordings, educational videos, bite-sized advisory videos and watch various LIVE hearings and board & commission meetings.
Watch & Subscribe to: @DORADivisionRealEstate and never miss our most current content!
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Life is Busy - We Get It!
Did you miss any of our meetings or forums last month? No need to worry! You can click the links below to catch up and stay current with what is going on at the Division of Real Estate.
- April 2, 2024: Colorado Real Estate Commission (CREC) Meeting:
Webinar - Video
- April 5, 2024: HOA Information & Resource Center Forum: 2023 Annual Report Review Meeting:
Webinar - Video
- April 22, 2024: HB23-1105 Metropolitan District Homeowners' Rights Task Force Meeting:
Webinar - Video
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For Division Interested Parties and Licensed Professionals
The Division of Real Estate's bimonthly email is designed to provide Division news, information on upcoming public meetings, rulemaking hearings, and registration links for educational webinars. Additionally, licensed professionals can find updates on licensing deadlines, opportunities for stakeholder engagement, and important practice guidance matters.
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Colorado Division of Real Estate
1560 Broadway, Ste. 925 | Denver, Co 80202
Phone: (303) 894-2166 /(800) 886-7675 | Fax: (303) 894-2683
Email: dora_realestate_website@state.co.us |
Subscriber Services:
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