Jon GoodmanI am a commercial landlord. A tenant breached a lease and voluntarily vacated the property prior to its expiration. I re-rented the premises at a higher rate than was charged to the first tenant. The first lease provided that upon an early vacation by the tenants, I am able to retain all of the security … Continue Reading
Co-Author: Richard L. Levy Most restaurants and all bars require a liquor license to survive. Much of the value of a property can depend upon a liquor license. A successful sale or lease of commercial real estate may depend upon the new occupant’s ability to obtain a new or transferred liquor license. This article outlines some … Continue Reading
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
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
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
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
