Question #1: My company does not permit cold calling. Do I still need to have a written policy addressing the Do Not Call regulations? Answer: Not if you are a one person company. If you have licensees working under you, they may violate your prohibition. Employing brokers need a written policy to create a … Continue Reading
Joint Property? Watch Out! Avoid Problems with Durable Power of Attorney John DeStefano and his wife learned the hard way that adding their daughter’s named to their bank accounts was not a good thing. Their $77,362 in savings was wiped out when their Pennsylvania bank used the funds to cover loans taken out by their … Continue Reading
I am working on a transaction on behalf of the seller. The buyer would like to agree to a letter of intent. What are the legal ramifications of such a letter? While letters of intent can be a constructive step towards reaching a contract, they have pitfalls, especially for sellers and landlords. Parties frequently … Continue Reading
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
