What Happened to Loan Approval or Loan Commitment? What does the Loan Conditions Deadline really mean? By that deadline date the buyer needs to be satisfied that the loan is ok with the buyer. Specifically “Contract is conditional upon Buyer determining, in Buyer’s subjective discretion, that the availability, terms, conditions, and cost of such New … Continue Reading
Rule E-44 Reminder: Is Your License Still Active? If you are a real estate broker, you may want to go online to www.dora.state.co.us/real-estate to confirm that your license is still active. The Colorado Real Estate Commission Rule E-44 requires a real estate licensee whose license has transferred to inactive status to immediately cease any … 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: Jon Goodman Question: How does the mediation process work? Response: Section 21 of the Real Estate Commission-approved Contract to Buy and Sell Real Estate (Residential) (CBS 2-7-04) provides, in part, as follows: “If a dispute arises relating to this contract, prior to or after Closing, and is not resolved, the parties shall first proceed … Continue Reading
Co-Author: Amanda S.P. Howe, Esq. Question: I am the only broker involved in a transaction. Our company agency policy says that I become a transaction-broker. My listing agreement with the seller says I become a transaction-broker. My Exclusive Right-to-Buy Agreement with the buyer says I become a transaction-broker. If I make a mistake and check the … Continue Reading
Question #1: My company does not permit cold calling. Do I still need to have a written policy addressing the Do Not Call regulations? Answer: Not if you are a one person company. If you have licensees working under you, they may violate your prohibition. Employing brokers need a written policy to create a … Continue Reading
It’s often done with the best of intentions, but manipulating contracts, appraisals, sources of downpayment, and sale prices to help buyers qualify for a higher loan amount – even if it’s suggested by the lender – may make you guilty of loan fraud. Loan fraud occurs when a lender makes an inappropriate loan, because … Continue Reading
No matter how careful you are, don’t underestimate the importance of professional liability insurance. People sue even when they don’t have much of a case, and the financial drain can be crippling. Here are two actual cases and tips on how to prevent these nightmares from happening to you. Case 1: Three months after … Continue Reading
Co-Author: Eric R. Jaworski, Esq. What is a CLUE Report? CLUE stands for Comprehensive Loss Underwriting Exchange. It is a comprehensive database of personal property information relating mainly to insurance claims on private property. CLUE was developed by, and is currently operated by, ChoicePoint Asset Co., a Georgia firm. What type of information is found … Continue Reading
