Co-Author: Karen Radakovich, Esq. Go to Senate Bill 100 – Part I Question: As a REALTOR® what do I need to know about Senate Bill 100 (“SB100”), the law which requires sellers to provide homeowners’ association governing documents and other financial information to buyers? Response: Part I, addressed seven questions related to Senate Bill 100. … Continue Reading
Co-Author: Janeen R. Hill, Esq. Question: I just bought a property through the foreclosure process. I expected that the foreclosure of the first deed of trust would extinguish all liens against the property, including delinquent homeowner’s association fees. Now the association is claiming a lien for six months of assessments, plus the attorneys fees spent … Continue Reading
Installment Land Contracts and Lease/Option Agreements – DON’T DO THESE! Use an All-Inclusive or “Wrap” Deed of Trust Instead We get many calls from buyers, sellers, and real estate brokers, asking us to prepare either an installment land contract, called an “ILC” or a “contract for deed,” or a lease with an option to … Continue Reading
Recent changes in Colorado law have created new opportunities for parents in divorce, post-divorce, and custody (allocation of parental responsibility) cases to resolve disputes and implement parenting plans, without Court intervention. The parties may use the services of a parenting coordinator, parenting decision-maker, or arbitrator. Parenting Coordinator A parenting coordinator may be appointed by the … Continue Reading
Co-Author: David A. Farus, Esq. This article explains the exception for Payment for Services Actually Rendered. Another article on our site explains the Affiliated Business Arrangements (ABA’s) exception. Question: I own a real estate brokerage firm. Mortgage companies and others profit from the business I refer to them. Does RESPA prohibit me from receiving referral … Continue Reading
Co-Author: David A. Farus, Esq. This article explains the RESPA exception for Affiliated Business Arrangements (ABA’s). Another article on our site explains the exception for Payment for Services Actually Rendered. Question: I own a real estate brokerage firm. Mortgage companies and others profit from the business I refer to them. Does RESPA prohibit me from … Continue Reading
Co-Author: Jon Goodman Question: How does the mediation process work? Response: Section 21 of the Real Estate Commission-approved Contract to Buy and Sell Real Estate (Residential) (CBS 2-7-04) provides, in part, as follows: “If a dispute arises relating to this contract, prior to or after Closing, and is not resolved, the parties shall first proceed … Continue Reading
Need a Personal Representative’s Deed for a Closing? REALTORS® regularly call the firm to assist with a scheduled closing where the seller does not yet have title to the property because the property hasn’t been administered from an estate of a deceased person. We find that often there is a misunderstanding that the Personal Representative’s … Continue Reading
As a result of publicity over the Terry Schiavo case, I have received several inquiries from clients and others about the use of living wills and advance directives in Colorado. After reviewing the living will and medical durable power of attorney forms published by the Colorado Bar Association, and Colorado’s statutes governing living wills and … Continue Reading
Colorado’s new beneficiary deed law became effective on August 4, 2004. The law applies to beneficiary deeds recorded by owners who die after that date, and governs not only beneficiary deeds created after that date under the new statutory guidelines, but also to the older “transfer on death” deeds previously authorized in Colorado. The new … Continue Reading
