HB 22-1036

House Bill 22-1036, which has been signed into law, requires real estate transactions in Colorado to use specific forms that inform buyers or tenants whether the transaction is based on a land survey plat or an improvement location certificate. This means that when you buy or rent property, you will be notified about what kind of document was used for your transaction. The bill clarifies that these documents cannot be mistaken for each other and ensures transparency in real estate transactions. It affects anyone involved in buying or renting property in Colorado. Since the bill has been signed, it is now law and must be followed by those involved in real estate transactions.

Official Summary

The bill requires the real estate commission to promulgate rules requiring that certain commission-approved forms closing-statement form s require notification to buyers or tenants as to whether a real estate transaction is based upon uses a land survey plat or an improvement location certificate. Current law forbids designating or construing an improvement location certificate as being a land survey plat or improvement survey plat. The bill clarifies that a real estate documents and forms shall not designate or construe such a certificate commission-approved closing-statement form is not designated or construed as being a land or improvement survey plat. (Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.) (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

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