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Is Verbal Acceptance Binding?

  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

Specific Performance vs. Seller

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

Bounced Earnest Money

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

Property Inspection Rights

  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 Have Rights, Too

  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

Asset Protection Planning

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

Benefits of Seller Carry Financing

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

Plain Language Title Insurance

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: Myths and Reality

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

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