Calls for Action
CAR joined the Homeownership Opportunity Alliance, a coalition that has been working to create a homeowner-protection bill with regards to Construction Defects. Senate Bill 177, talking points for which are attached, was introduced Tuesday. This bill would require a majority consent of the homeowners, not just the HOA Board, to enter into any litigation, as well as a common sense notice to each and every homeowner informing them of the affects this would have on their property. In addition, it encourages alternative dispute resolution (ADR) as the preferred method of resolving these disputes. Currently, when an HOA is tied up in litigation, individual homeowners are unable to sell or refinance because banks will not finance properties with such encumbrances. It is important that construction defects are remedied, and homeowners have recourse, but it needs to happen in a way that will not restrict other homeowners’ property rights, nor deter development of a key property type in the state of Colorado.
We are asking all REALTOR® members to contact their state legislators and let them know the importance of this reform.
NAR’s Member Policy area has enhanced the Ethics Complaints, Arbitration Requests and Related Information page on REALTOR.org to provide easy access to that information. Associations can add the link shown below. If associations have their own forms, rules, or procedures those should also be posted.