As we predicted in 2022, the Colorado legislature has revised provisions that were created by House Bill 1137, which now means that community associations need to again update their Collection Policy.
What does this mean for you? Existing clients that previously received WLPP Collection Policies under House Bill 1137 will be entitled to a revised…
Skyrocketing premiums for property insurance coverage for many common interest communities in Colorado, particularly condominium projects, are becoming a financial nightmare for those communities impacted by the premium hikes and the homeowners who live in them. In fact, the Speaker of the House in Colorado is sponsoring House Bill 24-1108 to require the Commissioner of…
Is your association increasing, or even decreasing, its annual assessment fees for 2020? If so, it is important that the association follow its governing documents when providing notice of the change to all owners. In addition to providing owners with proper notice of any change, the association should also notify its attorney. This will help…
Mediation is a type of alternative dispute resolution with the goal of finding a solution and reaching an agreement that is acceptable to all parties involved. In some counties, mediation is mandatory and if a case becomes contested, the parties are ordered to attend mediation prior to scheduling a trial. In some instances, however, even…
Many Colorado communities are facing the need to impose special assessments as a result of recent wind and hail events in the state. Special assessments may be imposed in circumstances where the association lacks cash on hand to pay for a large or unexpected expense. Such assessments have become increasingly common due to changes in…
Winzenburg, Leff, Purvis and Payne, LLP is pleased to announce the next session of our Warehouse Lecture Series. Register today for the November 30, 2018 classes!
The Series comprises regular half-day sessions, providing four hours of DORA-approved Community Association Manager Continuing Education credits. We are separately seeking CMCA approval for the classes from CAM-ICB.
The…
Is your association increasing, or even decreasing, its annual assessment fees for 2018? If so, it is important that the association follow its governing documents when providing notice of the change to all owners. In addition to providing owners with proper notice of any change, the association should also notify its attorney. This will help…
As many of you know, the association is entitled to collect a super lien payment from a foreclosing lender when a property enters into public trustee foreclosure. The super lien amount consists of up to six months of regular assessment charges that came due prior to the filing of the foreclosure. This is a monetary threshold rather than a requirement that there be six months of unpaid assessments due. For example, if an association had monthly dues of $100.00, a super lien could be claimed for $600.00 so long as the account ledger showed this balance as due. The balance could be comprised of any combination of assessments, late charges, interest, legal fees or other charges.
Continue Reading The Importance of Monitoring Foreclosure Sales
Is your association increasing, or even decreasing, its annual assessment fees for 2017? If so, it is important that the association follow its governing documents when providing notice of the change to all owners. In addition to providing owners with proper notice of any change, the association should also notify its attorney. This will help to ensure…
According to the Denver Post, former Denver Broncos head coach Mike Shanahan is selling his home in Cherry Hills Village for $22 million. While the home is definitely stunning, the monthly assessments are listed at $8,814.00 a month – which adds up to more than $105,000.00 a year! It’s not clear what exactly the…