Colorado Real Estate Legal Questions

Great question.  It is hard to say whether it is more common or not to select box 21.1.1.  However, if you do not select it, then the default provisions of 21.1.2 apply - which may suggest it is the standard, possibly more common, position. The real question is how to deal with damages if the Buyer defaults.  Specific performance means that the Seller can legally force the Buyer to go through with the contract.  If the breach arises from a title issue, or an inspection issue, then you may be able to make that happen.  If the breach arises because the Buyer cannot get funding, then it really doesn't change things, because the Seller cannot necessarily create funding for the Buyer. If 21.1.1 is selected, and the Buyer breaches, the Seller can pursue legal remedies, and go after the Buyer for damages.  The Seller will have the burden of proving the existence and amount of those damages.  It is a very expensive legal process, and typically only undertaken if the Seller has the resources to fund the initial lawsuit and the Buyer has sufficient resources to make it worth-wile. If 21.1.1 is not selected, then the default provisions of 21.1.2 apply, and the Seller gets to keep the Earnest Money and that is the final resolution.  Now legal expenses, but the total recovery is limited to the amount of the earnest money (which means that the funds actually exist and can be recovered). With that information, you'll have to figure out if the Buyer has sufficient resources to make a lawsuit worth the effort, or whether you simply want to make sure the earnest money is high enough that the Buyer won't walk away, or that Seller will be adequately compensated if Buyer does. Good luck!... Read More

This depends on how friendly your x-husband is.     You want your share of the proceeds to come directly to you from the closing agent.  Otherwise, you may have to sue to recover the proceeds.  Delivering the divorce decree to the closing agent may be sufficient.  But, if you are not comfortable with that then you'll need to cloud the title or file a lien.     Good Luck!... Read More

If you are asking can a property be foreclosed on by two lenders simultaneously, i.e. one through judicial foreclosure and one through public trustee foreclosure.  The answer is yes, it could happen.   You may want to consult with an attorney to determine if he or she can help you to save your property from the foreclosure actions.  ... Read More

Can your HOA increase your HOA fees from $90 - $165?  Yes. But, the increases must be performed in an administratively correct manner, i.e. within the powers allowed to the Board of Directors.  If one person is controlling the board and not allowing the members to comment during the annual meeting for his personal benefit, there is likely an issue there.  The only way to determine the strength of your case is to audit the books or the HOA.   Let me know if I can help you further.   Don Eby... Read More

Maybe!  The Buyers rights are dependant upon the terms of the purchase contract. That said, the seller has no right to refuse to complete the sale based on this unfortunate financial discovery.  The seller may be held liable for damages to the buyer as well as broker fees and attorney fees.     You should consult with an attorney ASAP who can encourage seller to complete the sell then deal the the mortgage company on his own.  ... Read More

It is impossible to give you a direct answer without reading the HOA bylaws and charter.  However, assuming that the HOA is acting within it's bounds and procedurally correct it has the ability to increase the dues.   If you want to challenge the increase you should consult an attorney to review the documents and the HOA board meeting minutes.    Good Luck.... Read More

Disclosure is a good idea, as in CO you have a duty to disclose any "known material defect."  This potential drilling site next door could be construed as a material defect as it would effect the price a buyer is willing to pay. How to disclose, I recommend disclosing of the possibility then producing as much documentation as possible that the Commission may make the driller move to a more appropriate location.   Good luck!... Read More

You have a breach of contract and money damages claim.  Likely the reason the developer is dodging you is that he owes more than he can afford to pay.  I recommend forcing your way to the head of the line before he declares bankruptcy.  The fact that you invested IRA funds provides you no assistance in recovery of those funds. Contact an attorney ASAP.   Good Luck!... Read More