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My mother's name is on the title and mortgage for the condo I am living in while I pay all the fees. I am set up as a renter with no profits. I am now in a position to take ownership of the property and remaining mortgage. Adding my name to the existing mortgage is not an option. She... View More 
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answered on Sep 15, 2023
Unfortunately, this is not an easy situation. If you want to avoid fees, you should probably talk to a tax attorney. I do not think you can avoid all taxes. You may be able to defer taxes or maybe defer then fall into an exception, but Uncle Sam always gets his cut in the end. Your mother could... View More
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answered on Sep 11, 2023
While I am not aware of any penalties, there are benefits to keeping a separate bank account for security deposits. For one, if you are sued, bank records are open to discovery. As such, if you put the deposit in a separate account then you do not necessarily need to divulge your personal records... View More
I live on a property with an adjoined backyard area with no fences. The adjoining property is a communal housing facility. I have been utilizing the full area for several months. I was told by the manager of the asking property that I'm no longer allowed to use "their" portion of the adjoined space.
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answered on Aug 21, 2023
The use of shared or communal spaces often depends on property agreements and the understanding between neighbors. If you have been using the entire adjoined space for a certain period, it might have established a pattern of usage. However, property managers or owners of the adjoining property can... View More
I want to sell the property because I am 8 hours away. Is the lease still valid? Do I have any way out?
* My brother recently passed away.
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answered on Aug 1, 2023
That is a very complicated legal topic. You should contact an attorney.
1st they need to determine who owns the house. Then you need to look at not only the validity of the lease but if you accepted any payments. Next, it depends. But in short, it may not be wise to kick out a potential... View More
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answered on Jul 21, 2023
It really depends. If the property is owned as joint tenants with right of survivorship, ownership can pass by operation of law without any court involvement. In other instances, probate may be required. Regardless, property ownership is riddled with legal complexities. If you do not know the... View More
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answered on Jul 10, 2023
It depends. I know everyone hates that answer.
In general, if you own a piece of real property, you can add another person as a Joint Tenant. But depending on state law, if the mortgage is a deed of trust or other, the terms of the contract and so on, changing ownership can be an issue.... View More
There is a reverse mortgage on the home the equity outweighs the loan
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answered on Jul 6, 2023
A reverse mortgage allows homeowners who are 62 years or older to convert part of their home equity into loan proceeds without having to sell or move out of their home. With a reverse mortgage, the loan is typically repaid when the homeowner sells the property or passes away.
If there is a... View More
I have several properties in CO, each in it's own separate LLC with me as the only member of each LLC. Does having all the LLC's insured under a PERSONAL liability umbrella defeat the entire point of the LLC's, (which is to keep each property only individually "liable" and... View More
answered on Jun 2, 2023
Hi there, generally your personal liability policy is not going to cover the properties owned by the LLC given that the LLC is not the insured on the policy. You would need to read the policy to be certain. An umbrella policy for all of them could be a solution if there was adequate coverage and... View More
The value of the property is $395,000 In the amount owed is $330,000 and the net value equity is $65,000 and the outstanding debt is 20000 and the down payment was 12,000 which was paid in full by my wife and they are offering me 5,000 for to buy me out and they offering me a chance for me to not... View More
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answered on Apr 21, 2023
Good morning,
I think this is better posed as a math question. There are allot of factors to this question that are not shown here including your risk tolerance, the cost to sell the house, the real FMV. I would think 1st you would need to establish if there is a presumption that you are... View More
We live in an HOA and have houses to our right and left that share fences. The fences were built almost 30 years ago when the development was built and they are now rotting away, as well as the bottom of the 4x4 posts. This has caused the fence to lean to one side (theirs) and one section is about... View More
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answered on Apr 19, 2023
I'd double check all the HOA governing documents that speak to fences. If it is up to your neighbor and you to maintain, repair, and replace the fence as a shared fence, you will have to try to work with them. This can be difficult with contentious neighbors. No matter what you do,... View More
Three were paid off when sibling 1 took out loan. Sibling 2 was in prison and quit claimed but never got their share. What is the best way to fix this situation? Three siblings have no ownership. Sibling one and two have different percentages of ownership but nothing in writing. Sibling 2 currently... View More
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answered on Mar 29, 2023
If the property has already gone through probate and the personal representative distributed all the deeds, then there are numerous options including a partition action, contract negotiation, or other.
If the property did not go through probate, then that may need to happen so the deeds... View More
There is an owner who has built a "screened in porch" off the side of his house, but he built it on the common area, which he does not own. The HOA owns all common areas. I have the papers that show the property lines, and he has definitely built the room on hoa property the... View More
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answered on Mar 10, 2023
Good afternoon,
The HOA will most likely need to file a lawsuit against the property owner. If the structure is on HOA property, then it may fall under trespass law. In the alternative, it may be a breach of covenants. Regardless, if they are not moving it on their own then you may need to... View More
Then ask for an EUO almost 8 months later? They did not ask for EUO with in 15 days. The claim has now drug out to be eight months long. We just received one small payment, and they are not wanting to pay out the rest of the claim which is substantial.
According to our declarations. We feel... View More
answered on Mar 4, 2023
A Colorado attorney could advise best, but your question remains open for a week. More details are needed about the carrier's need for the EUO. You raise a good point. If the claim appears to be turning contentious, you could explore representation. Most injury law firms offer free initial... View More
answered on Jan 20, 2023
If the governing documents specifically state this, then yes but it is highly unlikely that it does. On the other hand, you have a right to inspect the books---I would recommend that you contact a local HOA/real estate lawyer and sit down and discuss the specifics of your dispute and then decide... View More
My neighbor is in a property line dispute with the neighbor on the other side. My neighbor can't sell his property because of a Lis Pendens against his property. Even though he has 2 certified property surveys, he just lost a civil judgement in this property dispute. If the neighbor has to... View More
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answered on Jan 16, 2023
Hire a competent CO attorney to conduct a title search now. He can advise if a new survey of the boundary is advisable. You might also start finding the prior owners or other witnesses which might know the land boundaries in the past. Then you will be prepared if sued.
My neighbor is in a property line dispute with the neighbor on the other side. My neighbor can't sell his property because of a Lis Pendens against his property. Even though he has 2 certified property surveys, he just lost a civil judgement in this property dispute. If the neighbor has to... View More
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answered on Jan 16, 2023
Having dealt with surveyors in the past, I can tell you there are different quality surveyors, different levels of survey, and different types of surveys. They all carry different weights. Property line disputes often come down to the history of the property. The longer you have owned your property... View More
I only signed contract with the contractor and he is bankrupt now. what should I do?
answered on Jan 10, 2023
Dear Owner with Subcontractor Lien: The threshold question for proper legal analysis pertaining to the Subcontractor is whether or not the subcontractor sent to you, or tried to send to you, a certified mailing containing the proper notice that is required prior to recordation of a lien (it's... View More
If the time specified in section 1 passes and the landlord has not returned the security deposit or provided an itemized list of deductions, are damages and fees still deducted from the amount of 3x the original deposit?
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answered on Dec 29, 2022
Think of them as separate topics. The security deposit is meant to secure the performance of the lease. Once the time period has passed, the landlord forfeits the right to retain the security deposit. At that point, you have the responsibility to send the appropriate letters and bring legal action... View More
I purchased my condo in 2008. He moved in 2014 and still in my place now in 2022. We have a child together. If I get him out of my home can he have claim on half of my condo?
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answered on Nov 17, 2022
That really depends. If you never transferred any type of ownership interest to him then in theory you should still own 100% unless you held out as married or did something else that would allow him to acquire an interest in the property.
That being said, you need to be aware of other... View More
I'm struggling to get my sister on the same page about what to do with my dad's house. It's still in his name because he didn't leave a will and my sister and I have yet to go through probate. I have tried to sell her my share of ownership for a reasonable sum or suggested we... View More
answered on Nov 7, 2022
It should not affect your credit since you are not on the title or the mortgage. You may want to take a more active role by being appointed the personal representative ("executor") so you could sell the property if there is any equity to protect. You should get a lawyer to help you with this
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