Legal Ideas & Information - FJGG Newsletter - June 2016.

THE LEGAL EDGE


Legal Ideas & Information - June 2016
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Congratulations to Attorney Harmon Zuckerman for being Appointed to the City of Boulder Planning Board!

Harmon will serve on the Planning Board for the City of Boulder from 2016 through 2021. His practice areas include Land Use, Water Law, Real Estate & Civil Litigation.

 Learn more about Harmon's Practice


Divorce Attorney Gregg Greenstein
Picture of Gregg Greenstein, Esq.
Was a guest speaker on the Eye on Real Estate radio talk show, hosted by Dottie Herman on April 23, 2016. Gregg discussed divorce issues in real estate, and how to become a Certified Divorce Real Estate Specialist.

Listen to Gregg's Podcast


Partition Actions Between Property Co-owners

Picture of Attorney Jordan May

Question: I own a rental property with a friend, but we’re locked in disagreement on what to do with the property or whether to sell it. What legal remedies do I have?

Answer: Many people acquire investment properties with friends with only the best intentions, but fail to plan for and document an exit strategy. Inevitably, when there is unresolved disagreement about the property, the relationship between title holders can become untenable. Often times, these disagreements can be resolved through informal negotiations. However, in some instances, parties have no choice but to seek formal resolution of the dispute through the courts. Generally, the type of lawsuit required to resolve a dispute over real estate between deadlocked co-owners is called a partition action. This type of lawsuit usually results in either: (i) the subdivision of the real estate into new parcels owned separately by each property owner; or (ii) the sale of the property.

I. Sale or Subdivision?

Colorado’s partition law encourages courts to consider subdividing disputed real estate into smaller and separate parcels to be separately owned by each party. This type of resolution is referred to as partition in kind. However, where partition in kind is not possible, such as with a single family residence for example, the court has the power to order: (i) the sale of property; and (ii) that the parties split the proceeds of the sale.

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IN THIS ISSUE
 
Partition Actions: Remedies for Sour Relationships Between Property Co-owners

Parent Loans for Colorado Real Estate Purchases

Know Your Local Ordinances on Construction Defects

Commercial Real Estate Brokers & Referral Fees under RESPA
 

Parent Loans for Colorado
Real Estate Purchases

Picture of attorney Mike SmeenkQ: I’m a parent. Can I loan money to my child to buy a home in Colorado? Can I secure the loan against the property? What do I need to do?

As of August 2016, the answer is “yes” – parents can loan money to their children to buy real estate in Colorado and they can secure the loan with a deed of trust against the property, all without needing to involve a licensed mortgage loan originator.

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Know Your Local Ordinance on Construction Defects

Picture of attorney Cinthia ManzanoWhen state law on construction defects failed to change despite lobbying efforts, many cities enacted their own local ordinances regarding how to deal with construction defects in new housing and there are probably more to come. Currently, Arvada, Aurora, Centennial, Colorado Springs, Commerce City, Denver, Lakewood, Littleton, Lone Tree, Parker and Wheat Ridge have passed their own laws in an effort to encourage business and real estate development, especially multi-family housing.

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Commercial Real Estate Brokers & Referral Fees under RESPA
By Damien Zumbrennen

Attorney Damien ZumbrennenPaying for referrals is a common practice in various competitive industries where the struggle to attract customers determines which participants will flourish and which will flounder. However, the business of real estate is subject to various restrictions that limit industry-participants’ ability to engage in conduct which may be common elsewhere. For example, the Real Estate Settlement Procedures Act (“RESPA”), title 12 of the Colorado Revised Statutes, and the Rules of the Colorado Real Estate Commission impose severe restrictions upon various forms of referral agreements between settlement-service providers involved in real estate transactions.

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This publication is intended to provide accurate and authoritative information on the subject matter covered. It is distributed with the understanding that the publisher and distributor are not rendering legal, accounting or other professional service, and assume no liability in connection with its use. 
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Copyright © 2016 Frascona, Joiner, Goodman and Greenstein, P.C., All rights reserved.
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