When someone dies owning an interest in real estate, the legal instrument used to convey the property is a Personal Representative’s Deed. In the deed, the Personal Representative (“PR”) of the estate transfers the deceased owner’s interest to either a third-party buyer or an estate beneficiary. Does a Personal Representative’s Deed Require a Probate Administration?… Continue Reading
Q: I’m a parent. Can I loan money to my child to buy a home in Colorado? Can I secure the loan against the property? What do I need to do? As of August 2016, the answer is “yes” – parents can loan money to their children to buy real estate in Colorado and they… Continue Reading
Q: I’m a homeowner. I want to list my Colorado property for sale. Can I do it by myself (For Sale By Owner)? When a homeowner considers listing their property for sale, one of the first questions they typically ask themselves is: “Should I list the property through a real estate broker?” Experienced real estate… Continue Reading
Many people understand that a will acts as the roadmap for distributing someone’s assets upon death. However, not everyone realizes that a will does much more than specifying who receives what. Some of the other important functions that a will can serve include the following: Nominate a Personal Representative. The PR collects the assets of… Continue Reading
Clearing Title to Real Estate When a Tenant-in-Common Owner Dies Q: How is title to real estate cleared when someone dies owning property as tenants in common with other owners? A: Through a probate proceeding. I frequently hear from sellers or real estate brokers when they discover the following closing Requirements on Schedule B-1 of their title… Continue Reading
How Does Seller Financing Work in Colorado Real Estate Deals? Q: I’ve listed my home for sale. A potential buyer is interested, but can’t qualify for a loan. Is there some way to facilitate the sale without an outside lender being involved? A: Yes – if the seller acts as the lender. This article will describe seller… Continue Reading
What do Dodd-Frank and Consumer Financial Protection Bureau Regulations Mean for Owner Financing in Colorado? The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) introduced a host of new regulations designed to protect consumers and avoid another housing collapse. Key components of Dodd-Frank were designed to create greater certainty that borrowers can repay their… Continue Reading
Q: I’m under contract to purchase real estate in Colorado. The area around the property has been impacted by wildfires. Am I able to get out of the contract? A: Summer 2013 has already been another difficult season for fires in Colorado, with the Black Forest, Royal Gorge and West Fork Complex fires following the… Continue Reading
Many homeowners ask about the criteria for obtaining a loan modification through their existing lender. I have successfully assisted dozens of borrowers in obtaining modifications. This article will summarize some of the key characteristics of a successful loan modification request. However, before proceeding through these steps, borrowers may wish to contact their lender about a… Continue Reading
The Statute of Limitations on a Colorado Home Loan Default Probably Isn’t What You Think. Q: What is the statute of limitations for lenders to pursue borrowers in Colorado who default on a home loan? A: Six years. Conventional wisdom has been that collection actions had to be brought by lenders within six years from the date… Continue Reading
Mike Smeenk is an attorney in the law firm of Frascona, Joiner, Goodman and Greenstein, P.C., a Colorado law firm. His practice areas include Estate Planning, Trust and Estate Administration, Real Estate, and Corporations. Contact Mike Smeenk.
Disclaimer — Content is general information only. Information is not provided as advice for a specific matter, nor does its publication create an attorney-client relationship. Laws vary from one state to another. For legal advice on a specific matter, consult an attorney.