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They have moved to Powell Wy but keep the mountain house. They asked if we want to be co-owners with them and maintain the place as co-owners. The mountain house is paid for so we would pay them 1/2 the amount of an agreed price with an option to purchase the remaining 1/2 at a later time. How do... View More 
answered on Apr 7, 2018
Dear Mountain Property Purchaser: My recommendation would be to enter into a basic and straightforward Purchase Agreement With Option, whereby you pay the 1/2 purchase price in consideration of the receipt of a Quitclaim Deed for 1/2 of the title. Best practices would be to obtain Title Insurance... View More
A lot of investment in high-end new condos around mine. Our condo unit is one of 110 privately owned town houses and apartments. Most owners are not residents.
answered on Mar 30, 2018
Boulder Townhouse / Condo Owner: The analysis of your question may require more information as I am reading what appears to be conflicting terminology. However, I'll make an effort to assist, while qualifying my answer. If you "own" the title to your unit, then indeed you have a... View More
What is actually at risk in a lawsuit scenaria with a rental property LLC? Is there any difference if the property remains in the property owners name or the name (deed re-titled) of the LLC? Thank you
answered on Mar 30, 2018
Rental Property LLC: Your question and situation are somewhat confusing to me, but I'll endeavor to make a qualified reply.
The title owner of a property is the person/entity that has "standing" in a lawsuit. Your question does not make it clear if the Rental Property is... View More
We are afraid that the city could forcefully take the home from us. We are not allowed to live in it because of the problems; but are finding it difficult coming up with the finances to get the issues resolved. We are one step away from becoming homeless.
answered on Mar 26, 2018
Dear Colorado Springs Code Violations: In order to assist, I need to make clear that while it is accurate that a Municipal Governing Body (you mention "city") has the jurisdiction to warn, issue violations, and sanction a property (you'll know when this happens as you will be served... View More
answered on Mar 18, 2018
Dear Partial Owner Real Estate Issue: An attorney would need more information to properly respond. However, generally speaking if you're inquiring about an LLC and if that LLC has a "majority vote" mechanism to authorize the sale of real property held by the LLC, then this is the... View More
High interest and more down payment than stated. Can I get my earnest money back?
answered on Mar 16, 2018
Dear Colorado Home Purchaser: If you entered into a "standard" Colorado Residential Purchase Contract, then you should have the following paragraph as part of that Contract:
"4.7.2. Buyer May Terminate. If Buyer is to pay all or any portion of the Purchase Price with Seller... View More
Also should the property be titled in the LLC's name?
answered on Mar 15, 2018
Dear Colorado Rental Property Owner: there is nothing precluding the placing of multiple property titles in the same Colorado LLC, but there are several cautionary "tales": (1) a lender will not supply the owner with mortgage loan on the fifth property inside the same LLC - in other... View More
for damages that occurred in 2017. Shouldn't the prior homeowner have to pay this? I knew nothing about it when purchasing. Thank you, Christine
answered on Mar 6, 2018
Dear Colorado Condo Purchaser: You've asked if your Seller "needs to pay for assessment for issues that occurred [while the Seller owned the condo unit] in 2017". There is a two-step process to answer the query. First: insofar as the Seller of a condo is required to supply you... View More
answered on Feb 22, 2018
Dear New House Buyer: Answering a question about "risk" requires a more detailed, full, set of facts upon which you are inquiring. For example, I am unclear what you understand the words "offer" and "deliver". Let's start with "Offer" - if you mean... View More
How do we set up an appraisal?
answered on Feb 22, 2018
Dear Purchaser of FSBO Residential Property: In order to competently (and safely) get through a purchase transaction with a Seller whom is representing themselves (no Agent/Broker) you should be advised to make sure the following minimal steps are taken: (1) a formal Purchase Contract (in your... View More
We bought vacant undeveloped land in teller county CO I signed a purchase agreement with the seller however did NOT sign the contract they sent that needed to be notorized. After reviewing the contract I do not agree with some of the terms now the seller wants to keep my $10000 down payment. I... View More
answered on Feb 18, 2018
Dear Land Contract Inquiry: In order to be binding, a Land Contract does not have to be notarized in the strictest sense. While it is "best practices" to have signature notarized the lack of notarized signature only tests the issue "were the signatures authentic". In other... View More
I have not provided earnest money yet.
answered on Feb 7, 2018
Dear Colorado Real Estate Cancellation Client: unfortunately while there are "cooling off" periods allowable under the law in certain other transactions (mortgage loans; memberships to health clubs; door-to-door sales; home solicitation sales), the entering into a Purchase Contract for... View More
The seller is now saying the counter offer was a mistake. They want to void the contract even though everyone has signed. Can they void the contract?
answered on Jan 31, 2018
Dear Colorado Springs Realty Purchaser: The defense of "mistake" in the entering of a Contract For Sale is only valid if the mistake is: (A) mutual (both parties made a material mistake of fact - example: both parties believed the residence was a single family home and then they found... View More
I want to understand what recourse I have, if any, to seek reimbursement for my investment.
answered on Jan 31, 2018
Dear Denver Ex-Husband Remodeler: As you probably imagined, most legal analysis pertaining to the rights of a party against another begins with the inquiry - "was there an agreement" ? By the content of your question, I reasonably believe you did not have a "written... View More
answered on Jan 31, 2018
Dear Prospective Buyer: There's no "rule" requiring the employ of an Appraiser in the purchase of residential property in the state of Colorado. However, if you are using standard lender financing (a Bank) then the lender will employ an Appraiser on your behalf (and at your cost).... View More
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