Must a seller honor a written offer he verbally accepted? A seller verbally accepted a written offer for a property. A second, better offer has come from a second buyer. The seller would prefer to get out of any obligations it might have to the first purchaser. Is the seller bound by the first … Continue Reading
Can a seller terminate a “liquidated damages contract” by… The box in paragraph 18(a,2) of the Real Estate Commission approved contract is checked, so that it is a “liquidated damages contract.” The seller does not want to close. Can the seller simply inform the buyer of its intent to terminate the contract and refund the … Continue Reading
If the earnest money bounces, can the seller terminate? A buyer (Buyer #2) submitted an offer for a property on which another buyer (Buyer #1) had already made an offer. Buyer #1 provided a post-dated earnest money check which the Seller knew could not be covered at the time it was tendered. The date on … Continue Reading
QUESTION #1: Must a seller provide a disclosure form to its buyers? Must a seller of real property in Colorado provide a completed Real Estate Commission approved Real Property Disclosure form to its buyers? Only if the Real Estate Commission contract form is used. The form’s paragraph 10 requires such a disclosure. Otherwise, the answer … Continue Reading
Grandparents can play an important role in the development of their grandchildren. Unfortunately, the relationship between grandchildren and their grandparents is sometimes overlooked in a divorce or other custody-related proceeding. For example, a husband or wife who harbors hostile feelings toward his or her spouse may cut-off communications with his or her spouse’s parents, … Continue Reading
Author: David L. Cleveland, Esq. Asset Protection Planning: Transferring Assets to Your Spouse Asset protection planning is essential in today’s litigation oriented society. While being involved in a law suit is not quite as certain as death and taxes, it is as foreseeable as being involved in a traffic accident or a failed business deal. … Continue Reading
It is rare for the residential REALTOR® ever to encounter water rights, and for that reason it is even more rare to encounter a residential REALTOR® who understands water rights law. On that rare occasion, however, proceeding with the transaction without the advice of a water lawyer can be unnecessarily risky. The problem is, how … Continue Reading
Co-Author: Oliver E. Frascona, Esq. When selling real estate, an owner may realize its equity by receiving cash or by “carrying” a note. Because mortgage interest rates exceed interest rates banks pay on deposits, there can be a significant financial advantage of carrying one’s equity, rather than taking it in cash at closing upon the … Continue Reading
I am about to purchase my first home. When my sister bought a home, she had problems with a repairman of the previous owner who filed a $2,000.00 mechanic’s lien after her closing. Her title insurance company told her that she wasn’t insured against the lien, but her bank said that it had coverage. How … Continue Reading
Child support is an area of law which generates more myths than almost any other area of family law. Dispelling the myths encourages resolution of support issues with a minimal amount of adversarial attorney involvement. Whether you need to assess your own child support situation or the financial condition of someone who is making claims … Continue Reading