C.R.S. Section 38-35-124.5
Effect of written payoff statement

(1)

Any person or entity providing closing and settlement services for a real estate transaction and to whom a payoff statement is addressed shall be entitled to reasonably rely on the amounts that are set forth in such payoff statement for the time frame set forth therein and shall not be liable to the creditor or holder of the indebtedness or its agent for any omitted amounts, unless a written amendment is received by such person or entity prior to the closing of the transaction. Upon payment to the creditor or holder of the amounts stated in the written payoff statement, as may be amended, such creditor or holder shall be required to comply with the release provisions of section 38-35-124.

(2)

Any creditor or holder of the indebtedness who fails to comply with the release provisions of section 38-35-124 as required by subsection (1) of this section shall be liable to those persons or entities to whom the written payoff statement was addressed for any actual economic loss suffered by such persons or entities, including reasonable attorney fees and costs in enforcing the provisions of this section.

(3)

Notwithstanding the provisions of this section, in the event of an error in the written payoff statement provided by a creditor or holder of the indebtedness or its agent, the creditor shall retain any remedies, legal or equitable, to collect directly against the obligor any unsecured additional amounts determined to be outstanding.

Source: Section 38-35-124.5 — Effect of written payoff statement, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-38.­pdf (accessed Oct. 20, 2023).

38‑35‑101
Acknowledgments - form - prima facie evidence 38‑35‑102
When unacknowledged instruments prima facie evidence 38‑35‑103
Acknowledgment before notary 38‑35‑104
Acknowledged instruments as evidence 38‑35‑105
Foreign instruments, prima facie evidence 38‑35‑106
Deeds - acknowledgment, absent or defective - notice - deemed proper, when 38‑35‑106.5
Written instruments - information regarding property description 38‑35‑107
Recitals in deeds prima facie evidence - when 38‑35‑108
Reference to some other instrument affects only the parties thereto 38‑35‑109
Instrument may be recorded - validity of unrecorded instruments - liability for fraudulent documents 38‑35‑109.5
Recording of instruments conveying real property to public entities 38‑35‑110
Lis pendens as notice - issuance of certificate - expiration 38‑35‑111
Option to purchase - notice for one year only 38‑35‑112
Certificate of death when properly recorded may be admitted as evidence 38‑35‑113
Affidavits referring to death, intestacy, heirship, accepted as prima facie evidence 38‑35‑114
Actions - parties to be named 38‑35‑115
Execution by foreign representative of instrument regarding real estate prior to filing certified copies of order of appointment 38‑35‑116
Variances in names in instruments affecting the title to real property 38‑35‑117
Mortgages, not a conveyance - lien theory 38‑35‑118
Homestead, how conveyed - claimant insane 38‑35‑119
Release not a conveyance 38‑35‑120
Record of first and last parcels includes intervening parcels 38‑35‑121
Conveyance or reservation of a mineral interest - geothermal resources 38‑35‑122
Inclusion of street address and assessor information with legal description - effect - validity of recording - interests in property - legislative declaration 38‑35‑123
Liens - notice - current address 38‑35‑124
Requirements upon satisfaction of indebtedness 38‑35‑124.5
Effect of written payoff statement 38‑35‑125
Closing and settlement services - disbursement of funds 38‑35‑126
Contract for deed - escrow of tax moneys - written notice 38‑35‑127
Unenforceability of prospective residential transfer fee covenants - notice requirements for existing residential transfer fee covenants - written statement of transfer fee payable - affidavit - legislative declaration - definitions 38‑35‑201
Definitions 38‑35‑202
Recording or filing 38‑35‑203
Action to enforce 38‑35‑204
Order to show cause
Green check means up to date. Up to date

Current through Fall 2024

§ 38-35-124.5’s source at colorado​.gov