When child support is determined initially or modified, the Court can also decide who can claim the children as dependency exemptions on tax returns. According to Colorado law, the dependency exemption is allocated based on the parties’ financial contributions to the costs of raising the children. This language in the Colorado child support statute has … Continue Reading
Question: I am starting a real estate company with two other partners. We are leasing office space. The landlord has requested personal guarantees from each of the three partners. Is there a way for me to guarantee one-third of the obligations under the lease, without being personally liable for the entire obligation? Response: A … Continue Reading
For foreclosures filed after January 1, 2008, Colorado law no longer provides for an owner’s redemption period. (See Colorado Foreclosure Revolution (Part I). This article explains short pay-off transactions and the ramifications of the loss of owner’s redemption period.) A “short pay-off” or “short sale” is a transaction in which a lender agrees to accept … Continue Reading
Question: How can a buyer purchase a property and remain anonymous? Response: Contracts must identify a buyer against whom the contract can be enforced. Yet sometimes buyers seek to remain anonymous. For example, Joe Developer wants to assemble contiguous lots in downtown Denver on which to build a new skyscraper. Mary seeks to buy … Continue Reading
Avoid Costly Court Battles – Resolve Divorce, Custody and Support Cases With Mediation and Arbitration As state budget cuts in the Court system cause already overburdened Courts to delay trials even longer, parents and divorcing parties need a way to resolve their disputes in a quick and cost effective manner. Mediation and arbitration are two … Continue Reading
How To Own Residential Property With a Friend . . . Do You Want A Court To Decide, Or Would You Rather Do it Yourselves? The decline in mortgage rates over the past few years, along with the long-standing perception that real property is a good investment, has contributed to an increasingly-large pool of … Continue Reading
It’s often done with the best of intentions, but manipulating contracts, appraisals, sources of downpayment, and sale prices to help buyers qualify for a higher loan amount – even if it’s suggested by the lender – may make you guilty of loan fraud. Loan fraud occurs when a lender makes an inappropriate loan, because … Continue Reading
Question 1: I am the listing broker. The offer from the buyer, counter from the seller, and acceptance of the counter from the buyer was all done by fax. I received a faxed copy of the earnest money check from the buyer with the initial offer. The buyer accepted and signed the counterproposal five … Continue Reading
You think you have a construction defect and you want to sue now? New law requires notice process. On April 25, 2003, Governor Owens signed House Bill 03-1161 changing construction defect law. This article summarizes the new notice requirements before a lawsuit can be filed for defects in residential property. The article does not address … Continue Reading
I am listing a property and my Seller has entered into a contract with “Buyer 1.” We also received an offer from a second competing buyer, “Buyer 2.” We countered Buyer 2’s offer with a backup contingency. The closing date on Contract 1 is approaching and Buyer 1 has asked for an extension. If … Continue Reading
