Start Preparing Now for HOA Registration
As you know from our November 12, 2010 posting, most community associations in Colorado will be required to register with the Colorado Division of Real Estate (“Division”) by January 1, 2011. While there was some talk that associations would be able to begin registering as early as November, the Division has not yet completed the online registration process. In fact, an emergency rule may be promulgated to provide a grace period for associations to register.
Since the consequences for failing to register will be quite harsh, there’s no time like the present to gather the following information you will need to register your association as soon as the Division’s online registration process goes live:
(1) Name of the association;
(2) Name of the association’s designated agent or management company, if any;
(3) Valid physical address and telephone number for both the association and the designated agent or management company, if any;
(4) Name of the common interest community;
(5) Initial date of recording of the declaration; and
(6) Reception number or book and page number for the main document that constitutes the declaration.
The cost each year for registration of an association is capped by statute at $50.00. We anticipate the Division will charge the $50.00 maximum during the first registration cycle with the fee potentially being reduced in the future.
We will continue to monitor the registration process and will provide you with updated information as it becomes available.