HB 13-1235 Summary

• State departments, institutions, or agencies must contract with one to three independent appraisers to estimate property value before entering into options or agreements to purchase real property with a total purchase price exceeding $100,000.

• Prior to executing an option to purchase, state entities must obtain either a written broker opinion of value from a Colorado-licensed broker or an appraisal from a Colorado-licensed appraiser, forwarded to the state controller for approval.

• Purchase contracts exceeding $100,000 must include a contingency clause requiring the state to secure an appraisal prior to closing by a Colorado-licensed independent appraiser, with closing contingent on state controller approval.

• The appraisal requirement for options must occur prior to closing on the purchase, and the state controller must receive a copy of the final appraisal.

• Exemptions apply to Department of Transportation property acquisitions for public highways and additional lease-purchase agreements under the master lease program.