DENVER, COLORADO-On April 1, 2025, the Colorado Real Estate Commission (the “Commission”) executed two important Stipulation and Final Agency Orders for public protection and important discipline as discussed below. These Stipulation and Final Agency Orders directly address the actions of HomeOptions, Inc., License Number EC.100093442, and its employing broker, Sameer Punjani, License Number ER.100091641.
The Colorado Division of Real Estate (the “Division”), which is a part of the Department of Regulatory Agencies (‘DORA”), filed a notice of charges against HomeOptions and Sameer Punjani on October 18, 2024, resulting from agreements entered between HomeOptions and/or Sameer Punjani with members of the Colorado public. This type of agreement is commonly referred to as a “broker engagement contract”. These contracts purport to retain the broker in the future and promise to pay the broker a fee for performing services. These contracts also establish a covenant which runs with the land or may create a recordable lien, encumbrance, or other real property security interest in the consumer’s property. Importantly, the Colorado General Assembly has acted against broker engagement contracts through the passage of Senate Bill 23-077 which established that any broker entering into a broker engagement contract has committed an unfair or deceptive trade practice, as defined in section 6-1-105(uuu), C.R.S.
Pursuant to the Stipulation and Final Agency Orders, for any Exclusive Right to List and Sell Agreements in Colorado, HomeOptions and Sameer Punjani agree that any early termination fee or breach provisions contained in these agreements will not be enforced. The Stipulation does set forth a detailed timeline for the Respondents to abide:
- Within fourteen (14) days of April 1, 2025, HomeOptions and Sameer Punjani will provide a comprehensive list of every Colorado property encumbered by a memorandum, lien, or other cloud on title.
- Within sixty-three (63) days of April 1, 2025, HomeOptions and Sameer Punjani shall release, or cause to be released every memorandum, lien, or other cloud on title recorded against real property in Colorado.
- Within sixty-three (63) days of April 1, 2025, HomeOptions and Sameer Punjani shall notify the property owner in writing, by way of United States mail that every memorandum, lien, or other cloud on title, as well as any corresponding Exclusive Right to List and Sell Agreements will not be enforced.
- Within sixty-three (63) days of April 1, 2025, HomeOptions and Sameer Punjani shall provide the Commission with copies of all documents filed to release recorded documents and all notifications sent to homeowners.
In addition to these important deadlines, Sameer Punjani also agreed to pay a fine in the amount of $30,434.78, plus an additional surcharge of 15%, for a total of $35,000.00, within thirty (30) calendar days of April 1, 2025.
Immediately following the execution of the Stipulation and Final Agency Orders, the Office of the Colorado Attorney General, Phil Weiser, released a press release. Concurrently, Division Director Marcia Waters stated “Openness and transparency in real estate transactions is of paramount importance. Brokers are required by law to disclose in writing to a party, like a buyer, seller, landlord, or tenant, the intent to establish an agency relationship and other important aspects of the relationship established. Furthermore, entering into burdensome long-term contracts is contrary to public policy. By agreeing to nullify these contracts and memorandums, Colorado sets an important example for others contemplating this type of business transaction. Broker engagement contracts are damaging to consumers, and this type of business model is unacceptable in Colorado.”
The Division has limited jurisdiction in these matters and is statutorily mandated to enforce license law against real estate licensees. The Division is unable to divulge any information concerning an investigation. Furthermore, investigative files are closed to public inspection pursuant to statute. The Division does not have any authority or power to seek civil restitution for any damages or monies on behalf of consumers.
HomeOptions, Inc. has a principal address of 3527 Mt. Diablo Blvd., Unit 210, Lafayette, California 94549. According to the Colorado Secretary of State, HomeOptions registered agent in Colorado is Registered Agent, Inc., with a mailing address of 1500 North Grant Street, Ste. R, Denver, Colorado 80203. Sameer Punjani has a principal address of 5305 Gather Way, Fairfield, California 94534.
If you or someone you know believes that you have been victim of similar wrongdoing, the Division of Real Estate encourages you to contact:
- The Division to File a Complaint at: dre.colorado.gov.
- A Licensed Colorado Attorney for Legal Advice. The Colorado Bar Association has an attorney search tool named “Licensed Lawyer” which can be used to look-up Colorado attorneys on their website at: cobar.org, or the Colorado Bar Association can be contacted by telephone by calling (303) 860-1115.
- Local Law Enforcement. The local law enforcement agency where your property is located.
About the Division of Real Estate:
The Division of Real Estate is the state licensing, regulation and enforcement agency for the real estate broker, appraiser and mortgage loan originator industries.
About DORA:
DORA is dedicated to preserving the integrity of the marketplace and is committed to promoting a fair and competitive business environment in Colorado. Consumer protection is our mission. Visit dora.colorado.gov for more information or call 303-894-7855 / toll free 1-800-886-7675.