The Colorado Association of REALTORS® is pleased to report that HB 1022- Seller Financing of Real Property was signed last week.
This bill co-sponsored by Rep. Ray Scott (R-Grand Junction) and Sen. John Morse (D-Colorado Springs) will become law immediately. The new law, proposed by CAR, will now allow a seller up to three transactions in any twelve month period before they are required to be licensed as a mortgage loan originator. This expands seller’s ability to finance their own property. Formerly, state law permitted seller financing only if the property being conveyed serves as the seller’s residence. This could have significant potential benefits to small scale real estate investors and home builders. This bill passed unanimously in both chambers of the legislature. With daunting documentation required for even the most well qualified buyers these days HB 1022 adds more options to the Colorado home buyer’s repertoire. Here in Estes Park with the uniqueness of our rural mountain paradise this bill helps those properties that do not qualify for conventional financing. For a more details click here
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