News/Legal Notes

Change In Colorado Adverse Possession Law

A land dispute between two neighbors in Boulder, Colorado made national headlines and prompted the state legislators to change Colorado’s adverse possession law. Under the new statute, a person claiming adverse possession must have a “good faith” belief that the person in possession of the property of the owner of record was the actual owner of the property and the belief was “reasonable” under the…

Colorado Adopts Foreclosure Hotline

In response to recommendations from the Colorado Bar Association, Colorado has established a foreclosure hotline to assist homeowners facing foreclosure. The toll free number is 1-877-601-4673 and connects callers with local HUD approved housing counseling agencies to assist with working out a positive resolution to their mortgage delinquency or foreclosure.

IRS Allows Single Member Limited Liability Companies

A popular form of limited liability company in Colorado is the single member entity. The IRS has authorized the creation of single member limited liability companies. The individual member of the LLC may elect to report the income and expenses of the LLC on Schedule C of his or her individual tax return.

Carbon Monoxide Alarms Now Required in Colorado

Effective July 1, 2009, Sellers of existing single-family homes and multi-family dwelling units that have a fuel-fired heater system or appliance, a fireplace, or an attached garage, are required to have an operational carbon monoxide alarm within 15 feet of the entrance to each bedroom.

Trust Fund Statute May be Used in Construction Disputes

In Colorado, funds paid to a contractor must be held in trust for the payment of all subcontractors, laborers, and material suppliers who have furnished materials, services, or labor to the improvements constructed on the property. In the event a contractor uses the money paid to him for other purposes, the contractor can be held liable for theft of trust funds.


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  • Latest Article

    Ted Sells Receives Leader of the Year Nod

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