| Legal Ideas and Information - September 2008 |
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Review your E & O Insurance!
If you are a real estate agent, do you know if you or your employing office are insured for claims arising out of mold, meth or other contaminants? Unfortunately, lawsuits involving pollutants on real property are more common than before and your regular E & O policy may not cover it. Now would be a good time to review your insurance. For assistance reviewing your E & O Insurance, please contact Cinthia Manzano. Simple Wills and Advance Directives
Our firm receives frequent inquires related to the preparation of "simple wills." Simple wills are sometimes sufficient instruments for clients to direct the disposition of their probate property. However, other clients may need more complex planning tools. This article discusses circumstances for which a simple will may be appropriate, then goes on to review other end-of-life planning documents we recommend clients consider when asking us to draft a will on their behalf. Wills direct how a decedent's probate assets are distributed at the decedent's death. When someone dies, their property passes to others in one of three ways: by operation of law, by contract, or through probate. Property that is transferred by operation of law passes to someone else automatically at the death of decedent because the transfer is provided for by statute. For instance, property owned in joint tenancy automatically passes legal title to the surviving tenant when a joint tenant dies. Property transferred by contract refers to property which is passed to a decedent's beneficiaries because the decedent contracted with another party to have the property pass at the decedent's death. Beneficiary designations in life insurance policies or retirement accounts are examples of ways property passes by contract. This publication is intended to provide accurate and authoritative information on the subject matter covered. It is distributed with the understanding that the publisher and distributor are not rendering legal, accounting or other professional service, and assume no liability in connection with its use. Copyright © 2008. This is an advertisement. |
IN THIS ISSUE
Foreclosure Evolution (Part II)
A prior issue of this column explained the revolutionary change in Colorado's foreclosure law. For foreclosures started after January 1, 2008, the owner no longer has a post-foreclosure sale redemption right. The time allotted to the owner as a post-sale redemption period has been moved prior to the sale, giving owners a longer period of time to cure, and no right to redeem. In the new system, an owner has approximately four months to cure a default in a foreclosure of non-agricultural property, and approximately seven to eight months to cure in a foreclosure of agricultural property. This article explores the more subtle changes in the new law. Better lender responsiveness for cure figures The new statute requires the foreclosing lender to provide cure figures to borrowers in a more timely manner. Consider a situation where shortly after a lender commences a foreclosure, the borrower files a notice of intent to cure. Under the old statute, a lender could provide cure figures as late as the seventh calendar day prior to the foreclosure sale. If, under the new statute, the borrower files a notice of intent to cure early enough so that the foreclosing lender receives the notice from the public trustee more than thirty days before the foreclosure sale date, the lender must provide cure figures within ten business days after its receipt of the intent to cure. If the foreclosing lender receives the notice of intent to cure thirty or fewer days before the foreclosure sale, cure figures must be provided by noon on the seventh calendar day before the date upon which the sale is set. It remains to be seen, however, how much practical significance this change will have. If a lender is tardy in providing cure figures, the public trustee merely postpones the foreclosure sale. Under the new statute, the lender may delay foreclosure sales for up to one year after the initial scheduled sale date. |
