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Colorado Revised Statutes Title 38. Property Real and Personal § 38-13-1304. Agreements to locate reported property--overbids from foreclosure sales

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Notwithstanding any provision of section 38-13-1303 to the contrary, an agreement to pay compensation to recover or assist in recovering an unclaimed overbid transferred to the administrator under section 38-38-111 is:

(a) Not enforceable unless entered into at least two years after the date of the transfer;

(b) Enforceable if:

(I) The agreement is in writing and signed by the owner, as defined in section 38-38-111(5);

(II) The agreement describes the property and the date of the foreclosure sale from which the overbid was derived;

(III) The agreement sets forth the nature of the services to be provided;

(IV) The compensation to be paid under the terms of the agreement does not exceed:

(A) Twenty percent of the amount of the overbid if entered into at least two years, but not more than three years, after the date of the transfer; or

(B) Thirty percent of the amount of the overbid if entered into more than three years after the date of the transfer; and

(V) States that the apparent owner may directly file a claim for property with the administrator, who in Colorado is the state treasurer, without being charged a fee by the administrator.

(2) A person who induces or attempts to induce another person to enter into an agreement described in this section that does not comply with all requirements of subsection (1) of this section commits a class 2 misdemeanor.

(3) Nothing in subsection (1) of this section prohibits an owner from asserting, at any time, that a written, signed agreement to recover or assist in recovering an overbid is based on excessive or unjust consideration.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 38. Property Real and Personal § 38-13-1304. Agreements to locate reported property--overbids from foreclosure sales - last updated January 01, 2025 | https://codes.findlaw.com/co/title-38-property-real-and-personal/co-rev-st-sect-38-13-1304/

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