The Colorado Association of Home Builders is bracing for a fight over a constitutional amendment that will seek to overturn the state's construction defects law. The existing law requires homeowners to notify builders of the defect and caps treble damages at $250,000, including attorney's fees. Under the law, a settlement on a defects case is the lesser of the following: the value of the property without the defect; the repair's cost; or the cost of buying back the home. The constitutional amendment, which is being backed by the state's leading construction trial lawyers, would repeal the existing law and eliminate a liability cap on constructions claims.
