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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
I want to buy a house from my mother but have her act as the bank so she can benefit from the interest/payments. She unfortunately borrowed on the house recently. Can I take out a mortgage to pay off what she owes and then have her act as the bank for the remainder of it’s value? Is this legal... View More
answered on Feb 19, 2018
You should be able to make this work. You would end up holding title to the house with a "first" mortgage to the bank who loans you the money to pay off the current balance. And the transaction with your mother, where you borrow the rest of the money from her, would give her... 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 been separated with my husband for a year we are not divorced yet. I stayed in the house and he moved out yesterday I found out he wants to sell the house. Can he sell it since it’s not in my name and he bought it before we got married the home is under his name and one of his cousins but... View More
answered on Feb 12, 2018
Your husband and his cousin can sell the house since they are the owners. However, if a divorce was filed, you could request a court order not to sell until the divorce is final and the property division is set. Any increase in the value of the property (Husband's share) that occurred during... View More
And hasn’t paid her part of the mortgage in over 4 or 5 months. Can I get it refinanced with out her, what are my options?
answered on Feb 7, 2018
Since she is on the title, she would have to quitclaim her interest to you. The only other option is a court order.
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
Here 22 years and have made many improvements. I plan to buy a smaller place in Tx. The listing price is $550000. I am single and understand the first $250000 doesn't have capital gains. What about the rest of the profit?
answered on Feb 2, 2018
You must first calculate your cost basis which is the purchase price plus the cost of any improvements. Subtract that amount from the proceeds (minus costs of sale). The first $250,000.00 of profit is exempt from taxation. Anything over that is taxed at capital gains rates.
Hello. So I recently moved into a new house with a new landlord and new roommates. We each paid 500 upfront for first months rent and each paid 500 for a deposit. We all signed the lease and lease was sent to our parents as cosigners. The following day, a cosigner (mine) who was set to return from... View More
answered on Feb 1, 2018
From your facts it is acceptable for the landlord to "terminate" the agreement (technically no complete agreement was reached). However, the landlord must return all money (since no lease agreement was created). If the rental was occupied (even for a short duration), the landlord can... View More
My grandma has been married to her second husband for 22 years and he is 90 and has brain cancer and is not going to be here long. She just found papers in there house that they own that say he signed over half the house 20 years ago if he died. Is there anything she can do to keep the house. She... View More
answered on Jan 27, 2018
It depends. You say that Grandpa and Grandma own the house. Does that mean they hold a deed as joint tenants with right of survivorship? This would be on the deed from when they bought the house. If so, then it next depends on what you mean when you say that Grandpa signed over half the house.... View More
My home is in foreclosure, but I have a buyer. The Rule 120 Hearing is scheduled for 02/09 and the auction date is 02/28. The buyer and myself have aimed for a 02/23 closing. Not wanting to cut it too close, I asked the mortgage co's attorney if she would be unopposed to continue the hearing... View More
answered on Jan 25, 2018
It sounds like the foreclosing lender/attorney is being reasonable. Read the Stipulation carefully and make sure it says what you think it says - you are agreeing to waive your Rule 120 rights in return for an extension of time. Verify with the Public Trustee that the sale date has been extended.... View More
answered on Jan 24, 2018
Who ever holds the promissory note can demand payment from you based on the terms of the note. Sometimes the holder of the note will delegate the "servicing" to another company. That company then has the power to demand payment and to foreclose if there is a default. You don't give... View More
My question is regarding the purchase of our new condo. The realtor told us on two separate occasions that the fenced-in yard was shared between us and the owner next door. Last night, the renter of that unit abrasively told me that is not a shared space, it belongs to her unit only. Had we known... View More
answered on Jan 14, 2018
It appears the broker is the listing broker as opposed to someone you retained specifically to represent you as the buyer? Assuming that is correct, the listing broker is not your fiduciary and not responsible for your best interests. Rather they represent the seller. They are nevertheless... View More
Original lease was signed 10 years ago with $ 500 security deposit. It was periodically renewed. Last lease was signed in May 2017 for two years. It stated that security deposit is 0. We let him break the lease and move out in October of 2017. Do we still need to return original $500?
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
The chimes violate the covenant against sound devices (which include bells, whistles, etc.) being installed on a structure or in a site. There is also a covenant that says a covenant cannot be waived. But the Architectural Control Committee (ACC), the covenant enforcement branch of our HOA,... View More
answered on Jan 4, 2018
Every planned community is subject to rules called CC&Rs (covenants, conditions and restrictions). You should read them carefully and determine exactly what duties and powers the HOA has. If your neighbors are in violation, the HOA may have a duty to enforce to rules. If they refuse, they can... 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
Looking to buy land/develop homes for a business. Have multiple friends involved. Can one of us get the mortgage and then right up a contractual agreement between us to hand out ownership %'s? So for example, the person with the strongest credit gets the mortgage/loan to build and they own... View More
answered on Dec 17, 2017
It's theoretically possible, but there are some complications. Most deeds of trust have a "due on sale" clause. This means that if you transfer an interest in the land to your partners, the lender can call the loan. You should disclose all material facts to the lender and get written... View More
answered on Dec 15, 2017
If they purchase real estate with a mortgage, the lender will no doubt require an appraisal. Notwithstanding, in all cases, a purchaser would be foolish to not first obtain an appraisal to ensure themselves that the property is worth what they are paying for it.
It was more a constructive eviction. There was mold, high levels of mold in house. Landlord flat out said not going to fix it. Went to court, lost the eviction case. Judge said i owed no money to plantiff and a hearing would be set forth for my counter claim. The landlord preceeded to keep my... View More
The laundry room and storage room are located in my rented area... LL lives up stairs in the house.
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