Author Archives: Michael Smeenk

How is Colorado real estate transferred when an out-of-state owner dies?

When someone dies owning Colorado real estate, a probate administration is necessary to transfer the property, either to a buyer or to the estate beneficiaries.  If the property owner died while living out of state, the type of probate proceeding necessary to transfer the Colorado real estate depends on whether a probate administration has been… Continue Reading

What Happens When Someone Dies Without a Will?

A will is the roadmap that directs what happens to someone’s probate assets when they die.  The will also nominates a personal representative to administer the estate.  But what happens when someone dies “intestate,” or without a will?  In those situations, the Colorado Probate Code directs who inherits from the estate and who has priority… Continue Reading

What is a Personal Representative’s Deed?

When someone dies owning an interest in real estate, the legal instrument used to convey the property is a Personal Representative’s Deed.  In the deed, the Personal Representative (“PR”) of the estate transfers the deceased owner’s interest to either a third-party buyer or an estate beneficiary. Does a Personal Representative’s Deed Require a Probate Administration?… Continue Reading

Why Do I Need a Will?

Many people understand that a will acts as the roadmap for distributing someone’s assets upon death. However, not everyone realizes that a will does much more than specifying who receives what. Some of the other important functions that a will can serve include the following: Nominate a Personal Representative. The PR collects the assets of… Continue Reading

Clearing Title When Tenant-in-Common Owner Dies

Clearing Title to Real Estate When a Tenant-in-Common Owner Dies Q:  How is title to real estate cleared when someone dies owning property as tenants in common with other owners? A:  Through a probate proceeding. I frequently hear from sellers or real estate brokers when they discover the following closing Requirements on Schedule B-1 of their title… Continue Reading

How Does Seller Financing Work?

How Does Seller Financing Work in Colorado Real Estate Deals? Q:  I’ve listed my home for sale. A potential buyer is interested, but can’t qualify for a loan. Is there some way to facilitate the sale without an outside lender being involved? A:  Yes – if the seller acts as the lender. This article will describe seller… Continue Reading

Dodd-Frank, Consumer Financial Protection & Owner Financing

What do Dodd-Frank and Consumer Financial Protection Bureau Regulations Mean for Owner Financing in Colorado? The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) introduced a host of new regulations designed to protect consumers and avoid another housing collapse. Key components of Dodd-Frank were designed to create greater certainty that borrowers can repay their… Continue Reading