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
Co-Author: Karen Radakovich, Esq. Go to Senate Bill 100 – Part I 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: Part I, addressed seven questions related to Senate Bill 100. … Continue Reading
Co-Author: Janeen R. Hill, Esq. Question: I just bought a property through the foreclosure process. I expected that the foreclosure of the first deed of trust would extinguish all liens against the property, including delinquent homeowner’s association fees. Now the association is claiming a lien for six months of assessments, plus the attorneys fees spent … Continue Reading
Installment Land Contracts and Lease/Option Agreements – DON’T DO THESE! Use an All-Inclusive or “Wrap” Deed of Trust Instead We get many calls from buyers, sellers, and real estate brokers, asking us to prepare either an installment land contract, called an “ILC” or a “contract for deed,” or a lease with an option to … Continue Reading
Co-Author: David A. Farus, Esq. This article explains the exception for Payment for Services Actually Rendered. Another article on our site explains the Affiliated Business Arrangements (ABA’s) exception. Question: I own a real estate brokerage firm. Mortgage companies and others profit from the business I refer to them. Does RESPA prohibit me from receiving referral … Continue Reading
Co-Author: David A. Farus, Esq. This article explains the RESPA exception for Affiliated Business Arrangements (ABA’s). Another article on our site explains the exception for Payment for Services Actually Rendered. Question: I own a real estate brokerage firm. Mortgage companies and others profit from the business I refer to them. Does RESPA prohibit me from … 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
I have an Exclusive Right-to-Buy (Buyer Agency) agreement with my buyers. Over the last three months, I have shown them approximately 30 homes. My clients now wish to make an offer on an unlisted property which is for sale by its owner. My buyers do not want to pay me my commission; they want … Continue Reading
Reprinted from REALTOR® Magazine May, 2003 by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2003. All rights reserved. Q: What are the main forms of contract breach in real estate? Frascona: In real estate, contract breaches can occur in the property listing agreement between the broker and the seller or in the sales … Continue Reading
