Every purchase or sale of a home involves a contract. In order to avoid a lawsuit, it is important to know your right to have a lawyer look over a contract, hire a realtor that is knowledgeable and honest and to educate yourself on some of the ins and outs of a contract.
Let' start by defining a breach of contract. When signing a contract, you are expected to carry out all the promises and requirements that you agreed to. Therefore, any failure to carry out the material part of a contract in the designated time of the contract is considered a breach of contract. If one party breaches a contract, steps can be taken to remedy the breach.
How The Law Protects You
There will be instances where you will unintentionally be unable to act according to the terms of a contract. In this instance, the law protects you with Substantial Performance. With Substantial Performance, you are acting "sufficiently" within the contract requirements. Examples include a closing date that might be pushed back a day or two or a builder not completing a minor act, such as missing painting one baseboard. In these cases, damage is not intentional or substantial enough to require a lawsuit. If, however, the builder, for example, does not follow what is written in the contract, making huge changes to what is agreed upon, they will not be protected under Substantial Performance.
If you do have to deal with a breach of contract, it is important that you are first considered entitled to a remedy for that breach. To be entitled, you must be "ready, willing and able to perform" what is asked in the contract. Therefore, a seller must present the deed and a buyer must present the purchase money. If you qualify, remedies include Damages, Specific Performance, Rescission and Injunction.
Damages is the money owned to the person suffering from the loss caused from the breach of contract. Therefore, the seller that breaches, owes the buyer money paid in anticipation of closing. The buyer that breaches would owe the seller their earnest money and may be sued for other costs. Actual, or Compensatory, Damages are those actually suffered. Punitive, or Exemplary, Damages are those given as punishment to prevent further similar acts.
This remedy is not as easy to enforce and generally only used if extreme hardship would result without the remedy. Specific Performance is ordering someone to perform as agreed upon in the contract. Therefore, for example, the court may order the buyer to pay what was agreed upon or the seller to pass the deed.
Recision is essentially restoring the contract to its original state before it was signed. It is cancelling or voiding the contract. Both the buyer and seller may rescind if there was a mistake by both parties. For example, if both parties were mistaken on how the property was zoned, they could rescind. If one party was aware of the truth, however, a mistake was not made and recision is not a remedy. Recision is also available with innocent misrepresentation. This is an unintentional error in a material fact of the property. Damages by the person who misrepresented would not be granted to the person damaged, because the error was unintentional. However, recision is a remedy to the person damaged, because any error they may make is from them relying on what they were told by the other party. Undue influence is the controlling of a person to the extent that they are influenced and dependent on that person and duress is coercing someone with a threat or force to do something. Both of these are protected by recision. Finally, Fraud, the most serious of offenses, is the intention to deceive. The person who is harmed by fraud, is allowed to rescind and cancel the contract.
This written order commands someone to do, or not do, something. It is a legal remedy to force compliance with what is stated in the contract.
Boulder is one of the best places to be on Memorial Day weekend. Start your fun on Saturday May 27 through the 29th with the Boulder Creek Festival! This free event spans down the beautiful Boulder Creek and is populated with local vendors. Explore the jewelry, arts, performances, carnival rides, activities for the kids, plenty of food and more! And don't miss the highlight of the Boulder Creek Fest, when hundreds of rubber ducks race down the Boulder Creek.
On the 27th, enter the festival by walking through the Boulder Farmers' Market, where local farmers have been coming since 1986 to provide your produce, meats, cheeses, herbs, flowers, wines and more.
If you're more of the type that likes to escape the crowd, head West to Chautauqua Park, where you can hike, picnic or just walk around the historic grounds. If you do hike, make sure to stretch your legs and get ready for the Bolder Boulder, where the best of Boulder comes out to celebrate Memorial Day and the athletic Boulder culture. Even if you aren't a runner, gather a group and enjoy music throughout the route, spot fun costumes and join the other 50,000 dedicated runners at the finish line in Folsom Field. To get excited for the 10K, visit the Bolder Boulder Expo and Sports Exhibit on the 1300th block of Pearl St. on the 27th and 28th, where participants can learn and sample the newest running merchandise and technology.
Learn more at Boulder Colorado USA
The BolderBOULDER began in 1979 with 2,700 participants. A year later, the 10K grew to 5,280 runners, causing the finish line to move from North Boulder Park to Boulder High School. It was in 1980, that live entertainment and bands were also added to the event. With 9,000 participants a year later, the 10K moved to its current finish line at Folsom Field. Now, with over 52,000 participants and 100,000 spectators, the BolderBOULDER thrives with the establishment of wave starts, a Memorial Day tribute, a pro race, a pro wheelchair race, a Race Day Expo, the middle school challenge and has been dubbed the largest timed 10K in the world!
The BolderBOULDER grew from the dream of celebrating Memorial Day with friends and families in the Boulder community. Runners, joggers, walkers, spectators and performers all come to participate in this big event. As you make your way down the race route, you will find plenty of entertainment from music from the Blues Brothers Band, dancing Chick-Fil-A cows, a belly dancing group, classic rock, Pom Pom students, DJ's and more. And, while the event caters to any level of runner, it has grown to be on a national platform by hosting Olympic medal winners and qualifiers.
In an effort to honor the day it celebrates, the BolderBOULDER takes the time to honor the men and women who have served this country. The Memorial Day Tribute includes the presentation of the Nation's Colors, a 21-gun salute, an F-16 Naval Strike and Air Warfare Center from NAS Fallon, NV, salute, sky divers and the national anthem.
The BolderBOULDER is also a day to celebrate the many staff members that work to produce the best event possible. Starting the day after the race, the planning and brainstorming for the next BolderBOULDER begins. The goal is to make each year better and continue to grow.
Join the Boulder community this Memorial Day at the BolderBOULDER. To learn more, visit the BolderBOULDER
Real Estate Vocab: Eminent Domain
Eminent Domain is the government's power to take private property for a public use. The government's legal right to exercise this power is through condemnation. In order for private property to be taken, the property owner is owed "just compensation" for their property. These instances can be seen with school boards, railroads and utility companies taking property to benefit the community in some way. Instances that do not benefit the public cannot be taken.
Real Estate Vocab: Police Power
While Eminent Domain actually takes property away from private owners, Police Power restricts uses. Police Power is the government's right to protect the public be enforcing laws that have to do with health, safety and welfare. Examples of Police Power is zoning, building codes and fire codes. Zoning usually varies by municipality and restricts land uses based on residential, commercial or industrial properties. Zoning must be in line with the overall plan to promote property values and be consistent with current uses as well as promote environmental, cultural and economic benefits. If a use is dubbed "nonconforming", the use was legal before current zoning codes and, therefore, can continue unless the owner is paid in full for the value of their land. Once the use ceases, however, it cannot be continued. Because land is not actually being taken, no "just compensation" is due to property owners affected by Police Power's restriction of use.
Real Estate Vocab: Escheat
When an owner dies without a will and there are no heirs, the property is close to abandonment. In order to prevent abandoned property, however, the government practices Escheat, in which land is given back to the government.
One of the best things about Colorado, is how the weather can transform the next day. Yesterday, we had our fairly common Spring storm in May and, today, the beautiful Flatirons are peaking out, the green trees are vibrant and the snow is starting to melt.
It's the weekend and what's the first thing you want to do? Enjoy a delicious brunch of course!
Everyone loves going to brunch on the weekends and Boulder is filled with great selections to fit your brunching needs. The St. Julien Hotel, located on the corner of Walnut and 9th has a lovely restaurant, Jill's, serving up a brunch spread every Sunday that is sure to satisfy any customer.
First, pick your seating. The first seating takes place between 10 and 10:30 am and the second seating takes place between 12 and 12:30 pm. Yes, there are full seating times, which means that you can plan for an extended morning of relaxation and enjoyment! Second, dine, indulge and explore the wide selection of food and drink options that come with the $44.95 brunch buffet. Items prepared include an omelet station, a carving station, king crab legs, in-house smoked salmon, a dessert station, bottomless sparking wine, mimosas and Bloody Mary's made to order.
If lunch is more your style, Jill's also offers a weekday lunch buffet. The Ooh La La Lunch Buffet takes place Monday through Thursday from 11:30 to 1:30. This $14.95 buffet includes southern-French specialties, flatbreads, entrees, desserts and a complimentary glass of Cotes du Rhone. And for the vegetarians out there, Jill's wants to cater to you too with Vegan Friday. Every Friday, enjoy a wide selection of vegetarian options as part of the Ooh La La Buffet.
Learn more on Jill's
An inspection is a good idea for every buyer to have completed by a professional during the executory time of a contract. But what about the seller? Is it a good idea to do a pre-listing inspection? Below are some reasons why inspecting the home before listing a property is a good idea.
When a buyer has an inspection done, they have the power to decide afterwards if they want to continue with their agreement to buy the home or not. Demands for repairs can be made in an inspection objection and it is up to the seller to make the changes before the inspection resolution deadline. This signals a new waiting period and increases the time before closing. Buyers can also withdrawal their offer all together if the inspection does not meet the buyer's discretion and they can withdrawal if changes agreed upon are not made by the resolution deadline. Therefore, the seller saves themselves a headache by doing an inspection before listing.
A pre-inspection allows the sellers to know exactly what might be brought up by the buyers and they have the opportunity to either make changes beforehand or be armed with knowledge during negotiations. Generally, the seller will get a better deal working with their own contractor than relying on a buyer's contractor. By using your contractor, you will avoid having to accommodate the buyer's overestimated repair costs and ultimately save money. In the best-case scenario, the seller may even be able to waive the buyer's inspection completely by presenting the buyer with proof of a pre-inspection.
Fixing big issues up front will save the seller money and ensure that a sale will close. If there are major problems, it is likely that no one will want to buy the home and selling the home will take a much longer time. Making repairs so that you have the best "product" possible, will make the process go more quickly and much more smoothly. Plus, the home will show better from the beginning. Having repairs done makes the home more marketable and will hopefully bring in more inquiries and get more offers.
A pre-listing inspection also arms the seller with knowledge and makes them more honest and trustworthy. While it is not required that a seller know the condition of everything in their home when filling out the seller's disclosure form, the more information you have, the better it looks. Wouldn't you rather work with someone that can disclose as much as possible about the home than with someone that has no idea? It feels better working with someone that knows what they are talking about. So, get the pre-listing inspection done so that you are a trustworthy seller and have more leverage during negotiations.
What exactly should you inspect? At the minimum, you should inspect the roof. The condition of your roof could play a big role in how the home is priced. A roof that needs to be repaired or replaced could give the buyer bargaining room to get the listing price down. If you repair or replace the roof beforehand, the listing price could increase. Similarly, if you decide to not replace the roof even after inspection, you can reduce the price, making the buyer less likely to be able to maneuver the price lower. This one inspection alone can help you price your home correctly and help guarantee that you will get the price you are asking for.
A huge part of the Boulder community is made up of the students that attend the University of Colorado. Each year in August, Boulder bustles with new arrivals and campus activities. After commencement, Boulder transitions again to a quieter town where the locals and tourists get to enjoy less traffic and less people hiking, shopping and eating out. Before that summer calm, however, we get to celebrate the accomplishments of the CU graduates at Spring graduation.
This year, the Spring 2017 Commencement will take place on May 12, 2017, at 8:30 am at Folsom Field in Boulder. Below is a description of the event and you can learn more on the University of Colorado Boulder website.
Speaker: Kate FaganKate Fagan is a columnist and feature writer for espnW, ESPN.com and ESPN The Magazine. She is CU Boulder alumna, also a regular panelist on ESPN's Around the Horn and can also be seen on First Take and His & Hers, which airs on ESPN2. Previously, Fagan spent three seasons covering the 76ers for the Philadelphia Inquirer. She lives in Brooklyn, New York.
Guest Seating & Important Folsom Field InformationThe stadium gates will open at 7:00 a.m. the morning of the ceremony. Guests should be in their seats by 8:15 a.m. in order to watch the student processional into the stadium. Early arrival guarantees the best seating. No tickets are required for the ceremony.
The event will be held in Folsom Field regardless of the weather. Colorado weather in May can be unpredictable. We therefore encourage guests to watch the weather forecast so that they may plan and dress accordingly. In the event of rain, the ceremony will be held in abbreviated form.
Folsom Field Clear Bag Policy EnforcedFolsom Field complies with all TSA and Homeland Security prohibited items lists. The only bags allowed into Folsom Field are bags that are clear plastic, vinyl or PVC and do not exceed 12” x 6” x 12” or one-gallon (or smaller) clear plastic Ziploc/freezer bag. No other bags are permitted at all; includes backpacks, diaper bags and other similar bags. More details can be found here.
For Your SafetyThe University of Colorado Boulder works diligently to provide for the safety of our graduates, their families, and their friends during the Spring 2017 Commencement Exercises. You can do your part by noting the following:
West side of field: Doctoral; Law, Environmental Design; Media, Communication & Information; Engineering & Applied Science; and Arts & Sciences.
East side of field: Master’s; Music; Business; and Arts & Sciences.
North stands: Faculty.
ProcessionStudents should line up in the Norlin Quadrangle by 7:45 a.m., wearing their academic regalia. Line up will be by school or college. Please look for the signs that indicate your assembly area. The procession will begin promptly at 8:00 a.m from the Norlin Quadrangle. Upon arrival at Folsom Field, students will enter at the north end of the field at gates 14 and 18.
During the CeremonyPlease stand for the singing of the national anthem and the CU alma mater. (Men, please remove caps.) Students should also stand for the conferring of the degrees for their school or college, as announced. Please remain in your seats at the end of the ceremony for the recessional of the platform party. The university commencement ceremony will last approximately one and one-half hours.
A lease is given by a lessor to a lessee to give that lessee the right of possession to the property for a certain period of time. The lessee does not receive ownership, but they receive the right to occupy a residence according to agreement. The lessor must give up possession for the time being, but benefits from the payment of rents. At the end of the agreement, the owner/lessor retakes possession of the property.
A lease both conveys, or transfers possession, and is a contact. Therefore, every lease must contain certain elements. First, a lease must name all parties, including owners and lesses, that are agreeing to the lease. A lease must also identify consideration, which is a promise for a promise, and, in the case of a lease, is the promise of a lessee to pay rent and a lessor to give up current possession. A description of the property and anything included with the property must be included as well as operative words that define the term of the lease and rights and interests for the lessee. Any conditions that must be followed and any covenants, or promises, must be stated as well. Finally signatures of all parties involved must be present on leases longer than a year and the lease itself must be delivered. Delivery is also implied when the tenant takes possession of the property.
A lease ends in multiple ways. If it has a predetermined term, it is referred to as a tenancy for years and ends when the term ends. Notice of the expiration of a lease must be delivered to the tenant and changes according to the terms of leases. A year-to-year tenancy must have a three month notice, a six month tenancy needs one month, a month-to-month tencany needs ten days and a tenancy at will needs three days. A tenant may continue possession if the landlord agrees to renew the lease for a like term. If, however, this is not agreed by the lessor and the tenant remains on the property, they become a tenant at sufferance rather than a tenant at will.
For a lease to end, both parties may agree to terminate the lease by surrender and acceptance. There may also be a breach of condition which can cause a termination or an eviction can occur. The property can also be taken by the government with condemnation, causing the end of a lease or the property can be foreclosed upon.
There are many types of leases in residential and commercial real estate. Below is a list of the most common leases:
An article published in the Denver Business Journal, talks about the unusual housing market in Denver, CO. Where it is generally advised that buying is better than renting, that may not be the case in Colorado. In a study, Denver, Dallas and Houston are the only three markets were renting is advised and that are of concern to potential crashes in the near future.
Learn more about the Denver housing market in the article below, or visit the Denver Business Journal.
Denver housing market 'worrisome' to real estate economists, who advocate renting here
Mar 10, 2017, 8:00am MST
Ben MillerContributing WriterHOME OF THE DAY
Denver is only one of three markets in the country where a recent real estate economy study say it's better to rent a home than to buy one.
Nationally, only Denver, Dallas and Houston are the only markets where a national index produced by Florida Atlantic University and Florida International University faculty indicate that it's better to rent than buy.
Denver is only one of three markets in the country where a recent real estate economy… more
MATTHEW STAVER | BLOOMBERG
Denver recorded a score on the university's Beracha, Hardin & Johnson Buy vs. Rent Index that was "worrisome in terms of local housing market conditions."
“The scores for Dallas, Denver and Houston have worried us for some time now. The last time we saw scores of this magnitude, housing market crashes soon followed," said one of the university's researchers, in a statement.
The index uses data from the S&P/Case-Shiller Home Price Index, and then adds additional rental, maintenance and alternative investment data streams, to determine if it's better to own a home or rent in a market.
In the latest S&P/Case-Shiller Home Price Index, Denver home prices showed big gains over the previous year, but added that "questions about whether this is a normal housing market or if prices could be heading for a fall are natural."
Ben Miller contributes to the Denver Business Journal and compiles the Morning Edition email newsletter. Contact him at email@example.com.
I am a real estate professional, serving Boulder and Denver, Colorado. My extensive knowledge of the market, coupled with my commitment to provide extraordinary service, has resulted in hundreds of successful transactions. Let me help you buy or sell your home.