Westminster

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Title companies, brokers, and attorneys all may handle closings. Conveyance is by warranty deed. Deeds of trust are the customary security instruments. Public trustees must sell foreclosure properties within 45-60 days after the filing of a notice of election and demand for sale, but they will grant extensions up to six months following the date of the originally scheduled sale. Subdivided properties may be redeemed within 75 days after sale; agricultural properties may be redeemed within 6 months after sale. The first junior lien holder has 10 additional days to redeem, and the second and other junior lienholders have an additional 5 days each. The public trustee is normally the trustee shown on the deed of trust, a practice unique to Colorado. Foreclosures may be handled judicially. Coloradans have these title insurance policy options: ALTA owner’s, lender’s, leasehold, and construction loan; endorsements are used, too. Although they are negotiable, closing costs are generally split between buyer and seller, and seller normally pays for title insurance. Sellers pay the title insurance premium and the documentary transfer tax. Property taxes may be paid annually at the end of April or semiannually at the ends of February and July.

Annually at the end of April or semiannually at the end of February and July.

YES. Key components of property management are considered a real estate activity under existing Colorado real estate licensing laws. Leasing and subsequent management of real estate for a fee or compensation is a real estate activity for which a license is required. The Colorado Real Estate Commission has specific trust account and accounting requirements for brokers in the handling of security deposits and rental receipts. Brokers must also comply with the brokerage relationship section of the license law and applicable rules. Please refer to CP-27 (Commission Position on the Performance of Residential Property Management Functions) for specific requirements.

On-site residential managers of apartments or condominiums are exempt if they are salaried employees and do not negotiate lease terms. For more information about these and other Colorado property management requirements and exceptions, please contact the Colorado Division of Real Estate. Before hiring a property manager to manage your Colorado rental property, you should always check that he or she is properly licensed. You can check the license status Colorado property managers at the Colorado Division of Real Estate licensee search.

A real estate broker's license is not required to be a community association manager in Colorado. However, if a licensed broker is performing association management, any allegations of theft or dishonesty will be investigated by the real estate commission.