…timeframe are considered in the valuation of the property. Once the actual value is established, the following formula is used to determine the amount of taxes owed: (Actual Value x Assessment Percentage) x Mill Levy = Taxes Owed The assessment percentage is determined by how the property is classified — for residential property, the percentage is currently 7.96% and for commercial property it is 29%. For further explanation and some…
…estate market in the area is weak and we have been unable to find any interested buyers for the home. We don’t feel comfortable just “walking away” from the property and letting it go into a long foreclosure process. Can we work with the reverse mortgage company to negotiate a deed in lieu of foreclosure instead of just turning our backs and walking away? A: Yes – reverse mortgage companies…
…encourage clients to nominate primary and backup PR’s in case the initial choice cannot serve. Designate a Guardian for Minor Children. Otherwise CO law dictates priority for appointment. Establish Trusts for Minor Children. Leaving assets outright to minors can create a variety of legal complications. Using a trust can eliminate contested court cases over who manages money left for children and how it is used. Planning for Blended or Non-Traditional…
…6 months, or 4 months after the completion of the structure/improvements, whichever occurs first. What are some common defenses to a Mechanic’s Lien Claim? Lien is Untimely – One common defense is that the statutory deadlines were not met (i.e., the lien was recorded late), and thus the lien is void. Amount Overstated – Another common defense is that the amount claimed in the Mechanic’s Lien is knowingly overstated, which…
…Identify how and at what rate (flat rate, hourly billing) your Executor will be compensated for the time spent enacting the plan in your Professional Will. This list is not exhaustive, and depending on the nature of the business there may be other important information to include and additional considerations beyond the document itself. For example, mental health practitioners using a Professional Will should include a statement in their informed…
Sellers have to disclose known material defects and complete a Seller’s Property Disclosure form when listing property for sale. There can be health risks associated with living in a house where meth was produced or used. Some telltale signs that a property could be contaminated by meth include discolored walls, strong ammonia-like odors, empty over-the-counter drug packets, and areas of dead vegetation in the yard. Homebuyers have the right to…
…new part of the law may lead to a great deal of uncertainty concerning whether a judge can throw out and negate a prenuptial or postnuptial agreement simply becase the judge is applying principles of equity (fairness). Agreement Must be in a Record and Signed: A premarital agreement or marital agreement must be in a record and signed by both parties. The agreement is enforceable without consideration. “Record” means information…
…Conversion Mortgage (“HECM”). The HECM was first established as a pilot program in 1988 under President Reagan, with the enactment of the Housing and Community Development Act of 1987. The program became permanent in 1998. While there are a handful of proprietary (non-government insured) reverse mortgage offerings out there, by far the vast majority of reverse mortgages today are insured by the FHA under the HECM program. Reverse mortgages are…
…of E-Signing in a Fast Paced World. E-signing systems are often set up so that when your client executes a document, it automatically gets sent to the other side without first going through you. You don’t have a chance to filter out mistakes. In a multiple offer situation, for example, your seller might execute a counterproposal to the wrong buyer. Learn what you can do to decrease the risks. https://www.youtube.com/watch?v=Vich503qvqI…
Colorado Court of Appeals Helps Clarify Lender Lien Priority Disputes With the downturn in the economy beginning in 2008 and corresponding uptick in lender foreclosures and collection actions, Colorado courts have been revisiting the arena of secured transactions. In certain cases, competing lenders have skirmished over the assets of a common borrower. These skirmishes can be expensive and inefficient for lenders to resolve through litigation. Fortunately, a recent Colorado Court…
