Selling Real Estate

Transfer Property in Probate and Trust Estates

Transferring real (real estate) property to an heir or beneficiary can be accomplished many ways, including Power of Attorney, Probate, Wills and Trust Estates.  Power of Attorney (PoA) are instructions while living.  Wills are instructions upon death.  Deeds are devices to transfer property.  Trusts are holding entities for assets (including real estate). Power of Attorney […]

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Craigslist Rental Scam

A common scam circulating on Craigslist is the rental property scam.  Thieves take the pictures of a property currently on the market and then re-market it on Craigslist (or other websites) as a rental.  The thief then steals the prospective tenant’s money. The common story begins with the property owner that had to leave the […]

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HUD-FHA Loans & Meth Properties

Recent guidelines for FHA loans will make getting a FHA-backed loan on a meth (methamphetamine) contaminated (or remediated) property virtually impossible.  Since most new loans today for buyers are FHA loans, this will probably severely limit lending on any property that was once a “meth contaminated” property.  The net effect will most likely mean a […]

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EPA: Renovate, Repair or Paint Rules

If you are rehabbing an older building  (built before 1978), then new EPA rules are in place. It is suggested that you first test the property for lead based paint.  If the building tests positive for lead based paint, you need to follow the new RRP (Renovate, Repair or Paint) Rules. The basic rules state […]

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Type of Deeds and What Type to Request

In Colorado real estate, there are several types of deeds, depending on the type/amount of protection given and received from the seller and buyer.  From the Colorado Real Estate Manual, Chapter 8: Types Of Deeds There are four major classifications of deeds: (1) General warranty deed, (2) Special warranty deed, (3) Bargain and sale deed, […]

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Smoke Detectors & Carbon Monoxide Detectors

Most smoke alarms (smoke detectors) have a useful life of 7 to 10 years. After this time period, the detecting elements start to wear out. Newer smoke detectors are more sensitive and more reliable. Homeowners should consider changing their smoke detectors every 7 to 10 years. (Remember: Batteries should be changed at least yearly). Most […]

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Buying or Selling with an Agent or Transaction Broker?

“ A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence. [1] ” -Wikipedia Buyer’s/Seller’s Agent or Transaction Broker? To help you navigate the complicated path of buying or selling a home, you need […]

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New HUD-1, Good Faith Estimate Rules for 2010

Effective January 1, 2010,  the Department of Housing and Urban Development (HUD) modified the RESPA (real estate settlement protection act) rules.  This is the first major change in 30 years.  It is designed to help consumers comparison shop for mortgage loans by “bundling” the fees that lenders and title companies charge consumers. Some highlights include: […]

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Distressed Homeowner – CDPE for Me?

If you need to sell your property, and you owe more than the property is worth, you may be a candidate for a short sale (or other solution). Whatever the reason: Loss of Job Business Failure Damage to Property Death of Spouse Death of Family Member Severe Illness Inheritance Divorce Separation Relocation Military Service (SCRA […]

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1031 Tax Deferred Exchange

“No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment, if such property is exchanged solely for property of like-kind which is to be held either for productive use in a trade or business or for investment. ”  IRS, IRC Section […]

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