Jon GoodmanCo-Author: David A. Farus, Esq. On September 1, 2008, Colorado became one of the last states in the Country to impose a warranty from a landlord to a residential tenant that the leased premises are fit for human habitation. Whether this statute will have a significant impact in day-to-day leasing remains to be seen. Even … Continue Reading
In today’s slower real estate market, lenders are more cautious about making loans and sellers are more inclined to agree to carry financing to sell their properties more quickly. When a seller carry’s financing, the seller bears risk that the buyer might default on the promise to pay back the loan. But if a buyer … Continue Reading
This article is Part I of a two part series. Part II is available at Foreclosure Evolution (Part II). Question: What are the biggest changes in Colorado’s new foreclosure law? Summary In Colorado, the foreclosure process historically gave borrowers two opportunities to pull their property out of foreclosure. Prior to the foreclosure sale, the borrower … Continue Reading
Co-Author: Karen J. Radakovich, Esq. This article is Part II of a two part series. Part I is available at Foreclosure Revolution (Part I). A prior issue of this column explained the revolutionary change in Colorado’s foreclosure law. For foreclosures started after January 1, 2008, the owner no longer has a post-foreclosure sale redemption right. … Continue Reading
Overview The Colorado Legislature passed Senate Bill 71 in 2006 to discourage predatory practices against persons in foreclosure. Violations of Senate Bill 71 can lead to criminal sanctions and, unlike the major changes to Colorado’s foreclosure statutes, Senate Bill 71 has been in effect since the summer of 2006. Senate Bill 71 regulates “Foreclosure … Continue Reading
Co-Author: Miriam Abrams Goodman, Esq. Question: What is a “beneficiary deed” and how are they useful in Colorado? Response: A beneficiary deed is a legal document to pass title to real property to a “grantee-beneficiary” at death, without the need for probate administration. In Colorado, probate can be avoided if the decedent’s estate consists … Continue Reading
Co-Author: Amanda S.P. Howe More on Affiliated Business Arrangements Some service businesses try to operate as simply as they can and out-source all services but their core competencies. Other businesses seek to provide one-stop shopping for customers. One stop shopping can enhance the quality of the services to the customer and help the business amortize its … Continue Reading
Co-Author: Amanda S. P. Howe, Esq. Brokerage Duties Addendum to Property Management Agreement Question: I am a licensed real estate broker. In addition to helping owners lease property, I help my owner clients manage their portfolio. I understand that the Colorado Real Estate Commission has created a form called “Brokerage Duties Addendum to Property … Continue Reading
Question: There is a home in my farm area which just closed at a price 30% more than it is worth. This conclusion is based not just on my knowledge of the house and the market, but also on the listing history. The property initially went on the market six months ago. Over the six months, … Continue Reading
Co-Author: Karen Radakovich, Esq. See Senate Bill 100 – Part II Question: As a REALTOR® what do I need to know about Senate Bill 100 (“SB100”), the law which requires sellers to provide homeowners’ association governing documents and other financial information to buyers? Response: The Colorado Real Estate Commission Update course for 2005 educated REALTORS® … Continue Reading
