In this video, real estate attorney Eric L. Nesbitt of the Law Offices of Eric L. Nesbitt, P.C discusses commercial and residential real property and the impact that the COVID-19 pandemic has on evictions, landlords, and renter’s rights. This discussion was facilitated by family law attorney April Jones of the Jones Law Firm as many of her own clients have had questions in this regard.
Eric L. Nesbitt is one of the leading voices in Colorado commercial real estate and is one of the only dual licensed attorney brokers in the area. Through this video, he provides great insight for renters and landlords to learn from as they navigate the challenges that COVID-19 poses in Denver metro area real estate.
Property repairs and maintenance
If you are a property owner or a renter in Colorado and would like to discuss your legal rights, please schedule a consultation with attorney Eric L. Nesbitt. He can be reached via telephone at (303) 741-2354, Zoom web conference or email.
In today’s video, attorneys Eric L. Nesbitt of The Law Offices of Eric L. Nesbitt P.C. and April Jones of Jones Law Firm, P.C. discuss the stimulus packages being provided to individuals and business owners via the CARES act, EIDL, and Paycheck Protection Program. If you are a business owner and would like to discuss the stimulus packages and how they could benefit your business during the economic crisis we are facing, please schedule a telephone or Zoom consultation with attorney Nesbitt. Our office can be reached via telephone at 303-741-2354 or via email at Info@Nesbittlawoffices.com
In today’s video, attorney Eric L. Nesbitt of The Law Offices of Eric L. Nesbitt P.C. discusses options that Colorado landlords have to offer rent relief to their tenants while incomes are impacted due to the COVID -19 pandemic. If you are a landlord and would like to discuss rent relief or rent workout options and how to coordinate an agreement with your tenants, please schedule a telephone or Zoom consultation with attorney Nesbitt. Our firm can be reached at 303-741-2354 or via email at Info@NesbittLawOffices.com.
Recently, Congress passed a $2 trillion COVID-19 economic relief package. In today’s video, attorney and commercial real estate broker Eric Nesbitt discusses specific provisions of the Act that can put much needed money in the pockets of commercial tenants, property owners and small businesses.
Contact us at 303-741-2354 to schedule a consultation to discuss the Act and its applicability to your situation, or to address other real estate law questions you may have.
With economic slowdown caused by the Coronavirus-19, many commercial tenants are asking if they can use the Force Majeure (i.e. act of God) language in their lease to stop paying rent for a period of time. Check out what real estate attorney Eric L. Nesbitt has to say about this issue in our latest Youtube video below.
If you would like to schedule a telephone consultation to discuss this or other real estate related legal issues, please contact our firm at 303-741-2354.
Are you a Denver homeowner who is considering putting your home on the market? Maybe your house is already for sell? It is important to know that when you are selling a home, you and your real estate broker have a duty to disclose adverse material facts to prospective property buyers. Disclosures allow buyers to make informed decisions about property and prevent lawsuits over the status of the property down the road.
What is an Adverse Material Fact?
An adverse material fact is a fact that, if known, may cause a buyer to make a different decision regarding purchasing the property or the amount offered. Real estate brokers and people selling property have disclosure obligations under both federal and state law.
It is important to note that sellers are only obligated to disclose known defects, especially if the defects are hidden, or latent. Cracks in concrete basement walls may be hidden by paint and plaster, but can be indicative of significant structural damage to a home. A buyer would almost certainly choose to act differently if he or she knew of these cracks – either by asking for a more extensive assessment, lowering the offer price, or even choosing not to make an offer in the first place.
Under Federal law, property sellers must disclose if a property built before 1978 contains lead-based paint. The Environmental Protection Agency estimates that approximately 75% of homes built before 1978 contain some lead-based paint, which can cause permanent brain damage. Lead-based paint creates a hazard when the paint chips or deteriorates, releasing lead dust into the air which can be inhaled or land on food.
Colorado State Disclosures
Under Colorado law, sellers of residential property must, among other items, disclose:
Structural damage to the property, such as previous damage to load-bearing walls or the roof after major storms;
Previous flooding, not only because it could create structural damage or mold growth, but because flood waters can bring sewage and other toxins into the home;
The home’s source of drinking water;
To whom surface and mineral estate rights belong, as well as any oil and gas activity on the property; and
Whether the home is part of a homeowner’s association that requires membership and assessment fees
It is important to note that sellers are required to disclose known property defects, even if they have been fully repaired. This will allow buyers to understand the property better and make an informed decision when making an offer. Failure to disclose adverse material facts is the leading cause of lawsuits filed against sellers and their real estate agents. Hiding property defects in order to get a slightly higher bid is simply not worth risking a lawsuit over.
When is Disclosure Not Required?
Disclosure is not required in situations in which information could be psychologically stigmatizing about the property. For example, many states, including Colorado, do not require disclosure if someone passed away in the home. Psychologically stigmatizing disclosure requirements vary by state, so you should speak with a licensed agent or attorney in your state to understand local laws applicable to your property.
This article does not provide legal advice and is for informational purposes only. For questions about real estate brokers and duties of disclosure or other real estate legal needs in Colorado, contact the Law Offices of Eric L. Nesbitt, P.C. at 303-741-2354 or info@NesbittLawOffices.com.