…terms of the contract between the highest bidder and the seller. Perhaps the best means to address all of the sale terms is to reference and attach a pro forma copy of the Sales Contract to the Auction Agreement. Most Auction Agreements require bidders to appear with good funds in some specified amount, where those good funds are intended to apply to the high bidder’s earnest money. Sales Contract. The…
…usually precedes the recording of the construction deed of trust. LESSONS Generally, Fisher Mechanical is a case which is favorable to lenders and title insurance companies; it hurts the construction trades. In response to Fisher Mechanical, contractors and suppliers providing substantial services and/or materials to projects should consider having a title search done prior to providing material or services to a project. If a title search reveals a previously recorded…
…for the public record who has the authority to control the real estate owned by the trust, who has authority to convey it, and where those persons can be found. Although the recording requirements imposed under CRS § 38-30-166 are minimal compared to CRS § 38-30-108, failure to comply with CRS § 38-30-166 is common for the same reasons failure to comply with CRS § 38-30-108 is common. Similar but…
…published appellate court decisions creating binding precedent which shed light on this issue. A substantial portion of this author’s law practice is spent defending brokers and acting as an expert witness in broker malpractice claims. Only a portion of broker errors and omissions defense cases involve in-company transactions. Of the in-company E & O cases, only a portion shed light on the question raised by this article. Of the in-company…
…these terms? Instead of using phrasing which labels the consumer, use phrasing which identifies the relationship of the broker and the consumer. For example, instead of saying “Mary is my client,” we can say “Mary has hired me as a seller’s agent.” Instead of saying “Because it is an in-company deal, both the buyer and seller are customers,” we would say “Because this is an in-company deal, I have a…
…Mom wants to sell Cottage and let Son use the funds from the sale of Cottage as a down payment for Replacement Property. Real Estate Broker has estimated that the fair market value of Cottage is now $225,000. Some friends of Mom have told her that in order to minimize the federal income tax bite, Mom should quit claim Cottage to Son. That way (according to the friends), Son could…
12-61-203.5. Referral fees – interference with brokerage relationship No licensee under parts 1-4 of this article shall pay a referral fee unless reasonable cause for payment of the referral fee exists. A reasonable cause for payment means: An actual introduction of business has been made; A contractual referral fee relationships exists; or A contractual cooperative brokerage relationships exists No person shall interfere with the brokerage relationship of a licensee…
…helps a proprietor establish their own common law rights, but it is no substitute for the protection afforded by registering your trademark. If your desired trademark passes preliminary screening, you may be ready for a more comprehensive search. These searches are conducted by companies who specialize in trademark searches. These companies are somewhat analogous to title companies. They are critical for a federal trademark registration, but are of less importance…
…Methods of Termination of the Power of Acceptance (1) An offeree’s power of acceptance may be terminated by [a] rejection or counter-offer by the offeree . . . Section 39 goes on to state: ‘ 39. Counter-offers (1) A counter-offer is an offer made by an offeree to his offeror relating to the same matter as the original offer and proposing a substituted bargain differing from that proposed by the…
…use or future resale. The Investor became interested in the property three months after my office took the listing. Can my office assist the Seller in putting this transaction together by attaching the Real Estate Commission’s Licensee Buyout Addendum to the contract? Answer: No, the Commission’s Licensee Buyout Addendum to Contract to Buy and Sell Real Estate does not apply to this type of transaction. Real Estate Commission Rule F-11…
