Taxes and HOA
Make sure Property Taxes & HOA Dues (if any) are not in default...
We assist you in verifying with the County Treasurer if real property taxes for the decedent's real estate are current or past due. It is important to keep property taxes paid on the decedent’s real estate property(s).
If unpaid, the property could be subject to a tax sale which could result in loss of ownership of the property after a total of 3 years of delinquency.
Home Owner Associations - HOA (if any)
If the property is part of an HOA in Colorado the HOA can seek judicial foreclosure against homeowners who are at the equivalent of six months behind on their routine dues, also known as assessments. That total can also include other charges, such as fines, late fees and collection costs, including the HOA's legal fees.
Some properties may be located in more than one HOA. An example of this would be a master planned community HOA with single family homes, townhomes, condos, apartment buildings and commercial properties. They are all located within the master HOA, however, there may be enclaves within the master community, with a 2nd or even 3rd HOA, specific to that complex, such as a condominium complex with amenities only available to owners within that complex.
We can assist you with determining if the property is subject to an HOA and if the HOA dues are current or delinquent.
Beware of predatory investors & scam artists that may be attempting to use shady methods to steal equity from properties in the estate. If approached by an all cash investor, or some other type of buyer proposing a lease option, or owner carryback offer, etc. please call Jim Foster first, before signing any documents and get his professional opinion as to whether or not it is a legitimate & ethical offer. It is always advised to consult tax & legal counsel before signing any real estate documents.