What are the pitfalls of structuring a seller-financed transaction through an installment land contract? Though the Real Estate Commission dropped its approval of the use of Installment Land Contracts (“ILCs”), consumers still frequently ask brokers about ILCs. Even in its pre-disapproval comments, the Manual stated: “this instrument is full of pitfalls for both buyer and … Continue Reading
What are some of the important considerations for the REALTOR® who is contemplating a procuring cause dispute? REALTORS® contemplating procuring cause disputes should be aware that the points to consider tend to divide themselves into procedural and substantive matters. PROCEDURAL CONSIDERATIONS A REALTOR®’s right to arbitrate arises out of Article 17 of the Code of … Continue Reading
You’ve probably worked long and hard to develop your business to the point where it is today. Along the way, you may have developed customer lists, business knowledge, business methods, technology or other processes which help you to be competitive. These items may be “trade secrets.” If you fail to take proper steps to make … Continue Reading
I have just received an otherwise desirable offer on one of my listings. Unfortunately, it is not clear whether the purchaser will be able to qualify for the loan. My seller is inclined to accept the offer, but wants to preserve the flexibility of replacing this first purchaser with another one, if a better … Continue Reading
Representing a seller who is experiencing marital difficulties poses special concerns for real estate professionals. It is common for divorcing couples or couples who are about to be divorced to have differing interests in connection with the sale or other disposition of real estate. As agent or broker, you should be sensitive to those differing … Continue Reading
Four Documents We All Should Have, or Why You Really Do Need a Will It used to be that people were worried that if they didn’t have a will, all their assets would go to the state. Most people are now aware that this doesn’t happen, but there is a great deal of misinformation still … Continue Reading
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
