"It is a fair and accurate balance between builders and buyers"
DENVERHome buyers deserve a threshold of basic legal proteections, according to Senator Jennifer Veiga (D-Denver), and a new measure introduced in the House will give homeowners the legal foundation to protect themselves against predatory home builders.
House Bill 1338 will enact the Homeowner Protection Act of 2007, making it illegal for home builders to force or coerce buyers into signing away their rights.
"Purchasing a home is the single largest investment that either an individual or a family will make," said Senator Veiga. "Protecting that investment is of the utmost importance to legislators."
In this week's podcast, Senator Veiga describes the history behind HB 1338, attributing it to the Construction Defect Action Reform Bill of 2003. This bill tried to balance consumer and builder interests by giving industry the ability to inspect and repair problems with the property before being liable for a lawsuit.
Now, Colorado home builders often insert waivers into their property contracts. Because these contracts are often not negotiable, home buyers are left with little choice but to sign away their ability to sue for poor work.
The Homeowner Protection Act will restore the rights of home buyers, by making these waivers illegal. "This measure is pro consumer," said Senator Veiga. "It is a fair and accurate balance between builders and buyers."
Senator Veiga's comments can be accessed at: