I bought a house in July 1988 for $137,500 and rented it out for ten years. I took deductions for depreciation in tax years 1988 through 1995, but I forgot to take depreciation deductions in 1996 through 1998. My total depreciation deductions for years 1988 through 1995, as reported on my tax returns, were … Continue Reading
Reprinted from REALTOR® Magazine July, 2001 by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2001. All rights reserved. Sarah was excited about signing her first buyer agency contract. She told her buyers she’d look out for their best interests, and they smiled, signed, and said they understood. Sarah then searched the MLS for possible properties. … Continue Reading
Co-Author: Patricia A. Leighton, Esq. Quit Claims & The $500K Exclusion Part II In the May issue of the Colorado REALTOR, I posed the following scenario, a parent allowed her adult son to live in her second house for the last 2 1/2 years. The parent now wants to sell the house. Can the parent … Continue Reading
My seller wants me to consider selling a property through an auction. What are some of the considerations? Last month’s article identified some of the major issues associated with an auction and defined some auction terminology. Among those issues are whether the auction is “absolute,” “subject to seller confirmation,” or “hybrid” with a minimum bid. … Continue Reading
Reprinted from REALTOR® Magazine March, 2001 by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2001. All rights reserved. Structure bonuses clearly and in writing to avoid confusion. Alex’s listing wasn’t selling. To encourage activity, Alex and his broker decided to offer a bonus to the cooperating salesperson. Alex cleared the concept and the amount that … Continue Reading
Oh yes, you can say “it was the Builder; it was not my job!” But if you had a “duty” to the buyer, maybe some legal minds might disagree. When you read this, please note the words “developer or builder or their representatives shall”. It is not your job to: prepare the report, review … Continue Reading
My seller wants me to consider selling a property through an auction. What are some of the considerations? Auctions used to be associated with the sale of distressed property, yet there is a growing sense among the Colorado real estate community that auctions are a means to sell property in any market circumstances. Among the … Continue Reading
A construction lender lends funds to an owner. The owner acts as its own general contractor and hires subcontractors to build a building on the owner’s property. For whatever reason (e.g. mismanagement, embezzlement, bad luck), the owner does not pay the subs. The subs stop work and file mechanic’s liens. Neither the lender nor … Continue Reading
This article was originally published in The Colorado Lawyer, Vol.29, No. 8, August 2000. The Colorado statutes discussed in this article have been changed since the article was published. This article should be consulted as historical background only. Please also see related article: “Trusts and Titles New Colorado Law” The revocable living trust has become … Continue Reading
Owner purchased Black Acre in 1987 for $60,000 from Seller. Seller conveyed Black Acre to Owner through a general warranty deed. Seller paid for a title policy. The title company which issued Owner’s policy did not find a recorded mineral reservation against Black Acre and therefore failed to show the mineral reservation as an exception … Continue Reading
