…his creditors by using his $80,000 as a down payment to buy a home for him to live in. So, for example, you might help Frank find a property owned by sellers who are willing to carry the $220,000 of financing. (Frank might have a hard time getting more conventional financing because of the decline of his business.) Post closing, Frank has $80,000 of “gross” equity in his home. If,…
…To prevent this from happening, employers can consider implementing policies where employees who are subject to an income assignment do not receive their credit card, debit card, or check tips – until the end of the pay period, after the income assignment amounts have been paid by the employer. Frascona, Joiner, Goodman and Greenstein, P.C. can assist employers with creating and implementing policies to help resolve these types of problems….
…significantly impact landlords leasing low income and student rentals. Regardless of where the property falls in the economic spectrum, the statute may complicate the relationship between landlords and property managers, and may also complicate some evictions. The Warranty Section 38-12-503(1) articulates the warranty stating that in every “rental agreement” the “landlord” is deemed to warrant that the “residential premises” are fit for human habitation. Section 38-12-503(2) states that the landlord…
…also recommend the preparation of other important advance directives, which clients may not have otherwise considered: 1. General Durable Power of Attorney. A general durable power of attorney appoints an agent to make decisions related to the client’s finances or property. The general durable power of attorney can be made effective immediately (standing) or upon proof of the client’s incapacity (springing). 2. Medical Power of Attorney. A medical power of…
…out there on someone’s server just waiting for an investigation by someone with enough money or power to access them. No this is not China I am talking about, it is America. And here we know what we are doing and have the freedom to do it. Think! Use caution with what you put out on the internet, through a web site, comments on a blog, the voice mail system….
…marriage (i.e. until the final divorce decree is entered) is “marital property. Marital property is subject to “equitable division” in a divorce case. If the husband purchases a new home to live in while a divorce action is pending, the title to the new home might be in his name only. But the court in the divorce case still has the power to order that the title to the new…
…completed. Commissions or fees may be received by licensees only for transactions where the commission or fee “was earned prior to” the transfer to inactive status. It appears that some real estate agents are learning inadvertently that their licenses have transferred to inactive status due to a failure to comply with fingerprinting or continuing education requirements or a late payment of fees. There may be no notice from the commission…
…able to simply disclose the SB-71 risk to all investor buyers, disclaim responsibility for SB-71 compliance, and advise investor buyers to seek legal assistance to ensure SB-71 compliance. This is similar to the CREC system for general title issues, common interest communities, and special districts. Just like a real estate broker isn’t expected to evaluate title concerns as they arise, brokers should be able to disclaim responsibility for SB-71 compliance….
…certainly be used with increasing frequency in Colorado, now that the legislature has provided such extensive guidance. The real estate and estate planning and administration departments at Frascona, Joiner, Goodman and Greenstein can prepare such deeds for you, and answer your questions about using a beneficiary deed in estate planning, about the rights of a grantee-beneficiary in a real estate transaction, or about the rights of estate creditors or beneficiaries…
…a share of the dividend based only on the percentage of the company that person owns. An individual owning 45% of the company gets 45% of the total dividend amount. Ownership of the affiliated company must be completely separate from any referrals the owners might make. For questions, please contact Jon Goodman. A version of this article appeared in the Colorado REALTOR® News, the monthly publication of the Colorado Association…
