THE LEGAL EDGE


Legal Ideas & Information - March 2014
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2014 Colorado Residential Contract Clauses and Addenda
 
Highlights of the 2014 Update:
  • Seller Carry Financing:  A worksheet and other clauses that allow brokers to empower buyers, sellers and their lawyers to address seller carry financing.
  • Catastrophe:  Clause that further clarifies the consequences of fires, floods and other disasters.
  • “Coming Soon” Listing Addendum:  An addendum imposing strict restrictions on agents prior to taking listings that allow marketing only to inside buyers.  (This addendum is designed to discourage “Coming Soon” listings.)
  • Updating our forms to comply with the Division's 2014 tweaks.

Read a complete and detailed explanation of the addenda


The Notice of Claims Process under the Construction Defect
Action Reform Act

By Cinthia Manzano

Picture of Cinthia Manzano, Esq.In order to reform Colorado's construction defect laws, Colorado's legislators enacted the original Construction Defect Action Reform Act (CDARA-I) in 2001 and CDARA-II in 2003. The intent of these laws was to preserve adequate rights and remedies for property owners bringing construction defect claims against construction professionals while also curbing perceived abuses related to such litigation. Although the laws were wide-ranging and touched upon a number of issues in the area of construction defect litigation, one of the most obvious effects of CDARA was the creation of a new Notice of Claims Process (NCP) required before a property owner can bring a construction defect claim against a construction professional.

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Raising Financing Through Crowdfunding
By Gary Joiner

Picture of Gary Joiner

Crowdfunding has become a popular way of raising financing. It generally involves using the internet to ask a large number of people to each contribute a small amount of money to support a cause or a project. In some cases, people give money as a donation because they believe in the particular cause or project. In other cases, people are offered a reward, such as a t-shirt, tickets to an event, acknowledgement on an album cover, and the like, in return for their contribution.

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What do Dodd-Frank and Consumer Financial Protection Bureau Regulations Mean for Owner Financing in Colorado?
By Michael Smeenk

Picture of Michael Smeenk, Esq.The Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank") introduced a host of new regulations designed to protect consumers and avoid another housing collapse. Key components of Dodd-Frank were designed to create greater certainty that borrowers can repay their home loans. The regulations impose a number of complex parameters that limit available loan terms and require lenders to verify and document the borrower's ability to repay.

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Avoiding the Litigation
Co-Parent Trap

By Sarah Rizzolo

Picture of Sarah Rizzolo, Esq.When you are no longer in a romantic relationship with the other parent of your child, one of the worst things you can do to your child is getting stuck in the litigation path with the other parent. Once you start down the litigation trap, it is common for one of the parents to become vindictive and retaliatory in nature. Unfortunately, this can lead more litigation which can sometimes spin out of control.

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What Is Mediation and
Do I Have To Go To Mediation?

By Sarah Rizzolo

In most family law cases, the court orders mediation where the parties have to try to resolve their differences with a neutral third party, the mediator. In the event that you are able to resolve your differences (and there is a signed settlement agreement) prior to the mediation date, you do not have to go to mediation.

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