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
Family limited partnerships can be useful vehicles for accomplishing certain estate planning and asset protection planning goals. Historically, they were often used as an alternative to a corporation for purposes of holding real estate or as an operating vehicle for a family business because they offer limited liability protection of the same type afforded … Continue Reading
No matter how careful you are, don’t underestimate the importance of professional liability insurance. People sue even when they don’t have much of a case, and the financial drain can be crippling. Here are two actual cases and tips on how to prevent these nightmares from happening to you. Case 1: Three months after … Continue Reading
Co-Author: Eric R. Jaworski, Esq. What is a CLUE Report? CLUE stands for Comprehensive Loss Underwriting Exchange. It is a comprehensive database of personal property information relating mainly to insurance claims on private property. CLUE was developed by, and is currently operated by, ChoicePoint Asset Co., a Georgia firm. What type of information is found … Continue Reading
I am aware of the legal concept that if an agent breaches his fiduciary duty to a client, the agent may forfeit his right to a commission, regardless of whether that breach of duty caused damage to the client. Does that same concept apply to transaction brokers? No. In the recent decision of Hoff … Continue Reading
Can officers and directors of a corporation be held personally liable for delinquent payroll taxes? Yes, they can. If you currently are or are considering becoming a corporate officer or director, you should be aware of the possibility of personal liability for unpaid employee withholding taxes. Under the tax laws of this country (i.e., the … Continue Reading
To maximize protection of your personal assets from liabilities associated with your business properties and operations, ALWAYS observe the following basic formalities. (This is not meant as an exhaustive list; corporations and other specific types of business organizations have additional requirements that are beyond the scope of this simple checklist). Have proper company formation … Continue Reading
Choosing the Best Form for Your Colorado Business Entity In recent years, the number of business entity forms available under Colorado law has doubled, adding limited liability companies (“LLC’s”), limited liability partnerships (“LLP’s”) and limited liability limited partnerships (“LLLP’s”), to the basic group consisting of general partnerships, limited partnerships and corporations. The factors which have … Continue Reading
