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1.5 years in mariage wife’s father deeded his house to my wife and her brother 50/50. He sold them each a 50% share for $1. We lived in the house for 1 year when she filed divorce. She quit claimed deeded the property back to her father for $1 the afternoon of the day I moved out. Can I claim... View More 
answered on Apr 18, 2018
Generally, a gift of property is separate property. However, any increase in the value of that separate property is marital property, subject to an equitable division by the court (meaning a "fair" division, not necessarily an "equal " division) The court can consider the... View More
I have a contract to buy a house, but the seller repeatedly extends the closing date. It seems like he is ensuring his proceeds will not go to his bankruptcy, but in the mean time I can't take full possession of the house. I'd like to close now, but is there a reason to allow him to... View More
answered on Apr 18, 2018
Your recourse depends on the consequences of the failure to close, though since that failure would be a breach of contract, you would be entitled to something.
The situation is as follows:
1) Husband and Wife (A & B) are owners on a Colorado vacant land property (joint tenants)
2) A dies
3) B dies 6 months later
4) B's estate is currently going through probate in Wyoming. B did not remove A's name from the... View More
answered on Apr 16, 2018
B's son will have to open an ancillary probate in Colorado. Then he can record A's death certificate, a certified copy of the Colorado Letters and a Personal Representative deed to you. A's interest evaporates upon death and B's estate has the right to convey the estate property.
The owner of the house also set up and controlled the trust. He did not put the house back into the trust.
answered on Apr 10, 2018
If the old house was in a trust then, when the owner (actually trustee) sold it, the property moved out of the trust and to the new buyer. If you, the owner, buy a new house, then you can direct that at closing the title to the new house be made in the name of the trust. To get the new house, or... View More
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
Land has a large amount of beetle kill. The neighboring properties are all mitigated but the bank land was not sprayed for beetles and now contains a large amount of fire fuel. Is there preliminary action that can be taken, if there is a large fire, is there any negligence on the bank's part?
answered on Apr 4, 2018
You could file an action for nuisance abatement. That suit would be filed against the bank on behalf of you, and other adjacent owners. You might try having a lawyer write a letter on your behalf first. If the bank responds to that, it would be less time consuming and less costly. Still, the... View More
Does HOA have rights to royalties?
From covenants:Mineral Interest. The Board of Directors shall be given the express authority to negotiate the precise location of any exploration and production activity for minerals of any type with the City of Greeley to approve such location or, in... View More
answered on Apr 4, 2018
There is a lot to this question. The first is whether the lot owners were given the minerals to begin with. If so, then the question is whether this covenant applies to each lot. It probably does. Then, what does this covenant mean. This covenant allows the HOA to execute leases for each lot... View More
he is 3 months behind, has changed his number and I have no way to get ahold of him, I sent a letter over 30 days ago and he has not answered do I have to forclose or can I just reposse and get the title back in my name
answered on Apr 3, 2018
It sounds like this was a straight sale and the property was deeded to the buyer. If title is in the buyer's name, you will have to foreclose to get it back. If you are able to contact the buyer, you may be able to get him to sign a quitclaim deed conveying the property back to you in exchange... View More
so as to speed up the process of closing and circumvent the cost of a survey for their client.
answered on Apr 1, 2018
In New York only a Professional Land Surveyor may prepare a new survey and made corners.
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
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
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