Question: I am the listing broker for a builder who put a property under contract with Buyer #1. Buyer #1 attempted to back out of the contract, claiming that his loan was not approved. My builder wants to keep Buyer #1’s earnest money and Buyer #1 objects. The builder would like to resell the property … Continue Reading
Question: I am opening my own real estate company. Initially, I will be the sole broker, but over the next few months, I expect to take on associates under my license. Do I need an agency policy? Do I need an office policy manual? What other documents might I need? Answer: Agency Policy Every … Continue Reading
Co-Author: Catherine A. Hance, Esq. Question 1: A tenant gives appropriate notice to vacate a rental unit and vacates the premises in accord with that notice. When must the landlord return the security deposit to the vacating tenant? Answer 1: A landlord must, within “one month after the termination of a lease or surrender and acceptance … Continue Reading
I am looking to purchase a home to be built in a new subdivision. What concerns should I have, and what should I look for in the builder’s contract forms? The majority of residential real estate in Colorado is sold through the use of Real Estate Commission approved forms. However, there is no State approved … Continue Reading
Co-Author: Richard Byron Peddie, Esq. In a previous article, we explored the ambiguity associated with the meaning of “loan approval” in loan contingencies. We examined the existing caselaw on the subject and saw that the law is underdeveloped in this area, leaving the parties unsure as to when the contingency is satisfied. We also saw how … Continue Reading
Co-Author: Richard Byron Peddie, Esq. The Colorado Real Estate Commission has revised the Exclusive Right to Lease listing agreement (ERL). There are four new engagement forms for leasing. New Rule (E-40) regulates the preparation of market analyses by brokers. The Commission has also altered the Licensee Buy-Out Agreement, utilizing an addendum which can be attached to … Continue Reading
Co-Author: Richard B. Peddie, Esq. What is necessary to satisfy a requirement for “loan approval” in a financing contingency contained in a real estate contract? The answer to this question depends upon two things: (1) what constitutes loan approval under the contract; and (2) whether or not the loan approval clause, and its requirement, can be … Continue Reading
Co-Author: Oliver E. Frascona, Esq. I have a lease listing. A potential tenant initially contacted me through another broker. Now the potential tenant wants to work with me directly. How can I avoid a procuring cause dispute with the broker who initially brought me the tenant? Some brokers invest substantial time with owners, buyers, and … Continue Reading
I 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
