When it comes to property ownership in Colorado, there are various types of ownership structures to consider. Understanding these differences is important for anyone involved in real estate transactions or seeking legal guidance. In this blog post, we will explore the various forms of property ownership in Colorado, providing valuable insights to help you make informed decisions. Whether you are a homeowner, investor, or business owner, this knowledge will empower you to navigate the complexities of real estate in Denver, Colorado.
Sole Ownership:
Sole ownership is the simplest form of property ownership, where an individual holds complete ownership rights to a property. This structure provides full control and decision-making authority over the property. While it offers simplicity, sole ownership also means assuming all the risks and obligations associated with the property.
Joint Tenancy with Right of Survivorship:
Joint tenancy is a common form of property ownership among couples, family members, or business partners. In this structure, each owner has an equal share and right to the property. Importantly, joint tenancy includes the "right of survivorship," meaning that if one owner passes away, their share automatically transfers to the surviving owner(s) without going through probate.
Tenancy in Common:
Tenancy in common is another form of shared property ownership, allowing multiple owners to hold unequal shares in a property. Each owner has the right to sell, lease, or mortgage their share independently. Unlike joint tenancy, tenancy in common does not include the right of survivorship. Upon an owner's death, their share is passed on to their heirs or named beneficiaries.
Community Property:
Community property is a type of ownership structure available to married couples in some states, including Colorado. Under community property laws, property acquired during the marriage is considered jointly owned by both spouses, regardless of individual contributions. In the event of divorce or death, community property is typically divided equally between the spouses.
Limited Liability Company (LLC) Ownership:
LLC ownership provides a popular option for real estate investors and businesses. An LLC combines the limited liability protection of a corporation with the flexibility and tax advantages of a partnership. Holding real estate within an LLC can help protect personal assets from potential liabilities and provide tax benefits.
Trust Ownership:
Using a trust for property ownership offers numerous advantages, including privacy, asset protection, and estate planning benefits. A trust allows the property owner (grantor) to transfer ownership to a trustee, who manages the property for the benefit of one or more beneficiaries. Trusts can be tailored to meet specific goals, such as avoiding probate or minimizing estate taxes.
Condominium Ownership:
Condominiums, or condos, involve owning individual units within a larger property complex, along with a shared interest in common areas like pools, gyms, and gardens. Owners are part of a condo association that manages the property and are responsible for monthly fees covering maintenance, shared utilities, and insurance. Condos offer individual ownership with the benefit of shared amenities but come with the responsibility of association fees and adherence to community rules.
Cooperative Ownership (Co-op):
In a cooperative, or co-op, residents own shares in a corporation that owns the building, rather than owning their unit directly. The number of shares typically corresponds to the unit's size or value. Co-ops are managed by a board of directors, and residents pay monthly fees for maintenance and other expenses. The co-op structure emphasizes community decision-making and can involve a rigorous approval process for new residents, with more complex resale conditions compared to condos.
Navigating Property Ownership in Colorado
Understanding the different types of property ownership in Colorado is vital for anyone involved in real estate. Each structure has unique benefits and considerations, and the right choice depends on individual circumstances and goals. For expert guidance, consult with a knowledgeable real estate attorney in Denver like Downey & Associates, PC.
Considering a real estate transaction, or need assistance with property ownership issues in Denver, Colorado? Contact Downey & Associates, PC at 303-647-9399 for client-focused legal representation and guidance on property ownership complexities in Colorado.
If you have been a Denver Metro area resident for more than five or ten years, you can attest to the fact that Denver’s housing situation has become a big issue. Well, it seems everyone and their dog wants to move to Denver from all corners of the nation, which begs the need for high-density, affordable housing in the downtown area. At the center of this issue is how Denver will spend $150 million in funds approved in 2016.
The Denver City Council put together an extensive plan called "Housing an Inclusive Denver," which details how some of that funding will be allocated.1
What are the Different Funding Plans?
The following Denver Council has driven affordable housing project plan funding information was gathered from local news stories:2
“Denver is at a pivotal point where despite extremely low unemployment (2.2%), high workforce participation (90%+), and tremendous economic growth, housing costs are growing at such a rapid pace that incomes cannot keep up,” according to the draft of the Denver City Council's report.
The current plan that has been in the works for a few years now, and calls for raising taxes and fees in Denver to raise approximately $150 million over the next 10 to 12 years.
The plan calls for raising property taxes by an estimated $12 per year for median income households valued at around $300,000. Impact fees will also be collected from new construction development projects, but the rates will vary depending on the size of the project.
The idea of affordable housing in the Denver area is particularly popular with most folks living in the downtown area, because housing prices and rents have continued to soar making it hard to find low-priced digs.
The Council's housing project calls for building somewhere in the neighborhood of 6,000 affordable housing units.
The council members have had some disagreement on the affordable housing plan, with some saying they weren’t sold on raising taxes and fees, while others said the plan needed to be bolder and raise even more money.
Mayor Michael Hancock’s office seeing the need for immediate affordable housing raised a devoted budgetary goal of city money from nearly $10 million to $15 million to allocate towards the project.
Can the Public Sue the City for Mismanaging a Public Housing Project?
Well, anything is possible in terms of impending lawsuits against the City of Denver over the affordable housing plan. Below is a list of valid concerns citizens have raised over the affordable public housing plan:
One citizen says the city government has created an urban fiasco of mass transit, high-density living, and now they want the people to pay for their planning mistakes.
Another claims the city is planning “subsidized housing” under the guise of “affordable” housing.
Another citizen claims the affordable housing plan is a scam in the form of a tax hike placed on the middle class to pay for housing for welfare recipients and low-income families.
Do you have a group of concerned citizens that want to sue a government entity? Is so, perhaps you should consult with Denver Business Attorney Thomas E. Downey. Since 1983, Thomas Downey and the other legal professionals at Downey & Associates, PC, have been providing legal representation to clients for all kinds of business-related matters, including government litigation, contract negotiations and corporate conflicts.
To set up a meeting with our Denver business attorney today, call (303) 813-1111 or email us using the contact form on this page.
From our law offices in Englewood, we serve clients throughout Colorado and the U.S.
1"Denver's New Affordable Housing Plan Details How It Might Spend Its $150 Million Fund" published in the Denver Post, Sept. 2017.
2“Denver’s $150M tax-and-fee plan for affordable housing heads to full City Council for debate” published in the Denver Post, August 2016.
Everyone knows there’s big money in black gold (oil) and companies’ eager to get at this natural resource don’t take too kindly to the roadblocks they hit along the way. In this particular case (State of Wyoming et al v. Jewell et al [No. 16-8068]), a federal judge in Wyoming is getting a little bit of push back from the federal government as well as some legal professors about one of his controversial rulings blocking federal rules surrounding hydraulic fracturing on government ground.
The Bureau of Land Management (BLM) disclosed rules in 2015 that mandated that drilling companies disclose the materials they inject into the ground to free up oil and gas. The rules were put together as a result of public concern that fracking could pollute or contaminate underground water.
Details and Claims Concerning the Wyoming Federal Judge’s Controversial Ruling
The following details and claims were gathered from local news reports:1
U.S. District Judge Scott Skavdahl of Casper made a ruling in June that BLM doesn’t have the authority to regulate fracking.
The BLM claims it was acting in the public’s best interest.
Obama’s administration filed a brief with the 10th U.S. Circuit Court of Appeals in Denver arguing that the BLM has the rightful authority to regulate fracking.
In Judge Skavdahl’s ruling he referenced Florida State University law professor Hannah Wiseman’s article supporting his conclusion that Congress stopped federal regulation fracking in 2005.
Nearly 40 law professors, including Wiseman, say they disagree with Judge Skavdahl’s interpretation of the article.
Petroleum Association of Wyoming Vice President John Tobitaille issued a statement saying the state already regulates the oil and gas producers
What is Next for Wyoming’s Fracking Regulation Ruling?
Many legal pundits thought that since Obama personally filed a brief, along with that of a large number of reputable law professors, that it would have ensured an overturning of the ruling. However, new developments could redirect the ruling, including:2
Several former U.S. Department of the Interior officials -- both Republicans and Democrats -- have told the 10th Circuit that it should decide whether the BLM was within it's jurisdiction to issue a rule imposing restrictions on fracking on tribal and federal lands.
In May, the BLM asked the 10th Circuit Court to hold in abeyance litigation concerning the fracking rule matter, while also defending right to announce its own regulation.
Lastly, if the court holds the matter in abeyance, the BLM plans to rewrite Obama regulations to better adhere to the Trump administration's policies. Some legal experts believe rewriting the regulations will lead to limiting the BLM's authority to regulate oil and gas practices.
Has your corporation or industry been hindered by a wrongful court ruling? If so, contact Denver Business Attorney Thomas E. Downey. Since 1983, Thomas Downey and his legal team at Downey & Associates, PC, have aggressively sought justice for all kinds of business-related matters, including contract negotiations, workplace accidents, and corporate conflicts.
Our Denver business attorney is experience handling complex corporate matters and un-judicious court rulings. We are up to the challenge of filing court appeals and fighting out long-drawn courtroom battles to achieve the best possible outcomes for our clients.
Why wait, call our Denver business attorney today to find out how we can assist you at (303) 813-1111 or by emailing him using the contact form on this page.
From our law offices in Englewood, we service clients in Colorado as well as throughout the U.S.
1“Feds, law professors say judge wrong to block fracking rules” published in The Denver Post, August 2016.
2"Former DOI Honchos Urge 10th Circ. To Hear Frack Rule Case" published in 360 Law, June 2017.
The Grove development project seems to be taking fire from every direction. First, the project developer threatened to file a $30 million lawsuit against the city for its attempts to halt the development plans. Now, nearby neighbors are up in arms over the scope of the project - and its potential impacts on their community.
“Fight the Grove – Save Our Historic Neighborhood,” yard signs put up by local residents read. They are reportedly fed up with alleged zoning violations and a development project that some are saying is too big and out of place for the historic Bemis neighborhood.
As a matter of fact, some residents are taking their fight straight to City Council to see if they can stop the developer, Zocalo Community Development, from starting construction.
Details and Allegations Surrounding the Neighborhood Lawsuit
The following details the allegations and events surrounding the neighborhood dispute over the Grove mixed-use development project:
Local residents claim that the city and developer have turned a blind eye to the concerns of locals and that they are doing everything in their power to get the 160-unit, six-story, senior-living development project built. Residents also alleged that the city and developer have overlooked important zoning regulations.
Some of the houses located right across the street from the massive mixed-use development are turn-of-the-century historic homes.
Views of the mountains and the skyline will be blocked by the new development, allege some neighbors.
One resident calls the project “an urban architecture that’s getting dropped like a bomb into this historic neighborhood.”
Neighbors claim the building permits were issued without any feedback or comments from the general public.
Nearly a dozen residents have been protesting the development. They say that they plan to march to the next City Council meeting to talk to civic leaders and take a stand against the project.
The neighbors filed a lawsuit to try to squash the development before the construction phase gets underway.
Do the Neighbors Have a Case?
Based on the available facts and court documents, it seems that the city and developer may have rushed into this development and overlooked the need for (or importance of) public input with regards to this development project.
What remains to be determined, however, is whether:
The lack of public input would be enough to halt the development, especially in light of the fact that the city manager reviewed the development and has affirmed that it meets city codes and regulations
The city did, in fact, violate any regulations with regard to public comment and/or hearings for this proposed development project.
If so, the neighbors may have grounds to sue and seek monetary damages. As more news about this contentious issues becomes available, we'll report the latest details to you here, in future blog.
Until then, tell us your opinions about this project and the dispute surrounding it on Facebook & Google+
For experienced, effective representation in any real estate or development dispute, contact Denver Real Estate Attorney Thomas E. Downey. Since 1983, Thomas Downey and the other legal professionals at Downey & Associates, PC have been providing individuals and businesses in the Denver Metro Area and throughout the U.S. with the highest level of legal service for their business litigation, development conflicts, property tax and real estate legal issues.
Our dedication to our clients, coupled with our extensive experience handling complex matters of real estate law, means that our clients can always trust that we will aggressively protect their rights and help them achieve the best possible outcomes to their sensitive legal matters.
Call (303) 813-1111 or email us using the contact form on this page for a thorough case evaluation and clear advice about your best options for proceeding.
From offices based in Centennial, we serve clients throughout Colorado and the U.S.
Con artists follow money. Given that money is regularly changing hands in the real estate industry – and that this industry is rife with desperate and struggling homeowners (and others), it’s probably not a big surprise that there are a lot of common real estate scams out there – and that these scams can be financially devastating to people.
In this blog series, we’ll take a look at some of the most common real estate scams, as well as the some red flags associated with these scams. While the discussion herein can help you protect yourself against common real estate scams, don’t hesitate to contact Denver Real Estate Lawyer Thomas E. Downey when you need the best representation – and protection – for your real estate legal matters.
Don’t Get Tricked by these Common Real Estate Scams
1 – Foreclosure Rescue Scams
With these types of scams, some company will “promise” to rescue a homeowner from foreclosure. Generally, the company will require the homeowner to pay some upfront fees, and either:
Try to take out a home loan on behalf of the owner
Have the homeowner sign over the deed to the home to the company and rent the home from that company until the homeowner can buy it back.
These scams typically always end in the owners losing their homes, as they are either foreclosed on or the company takes ownership of them.
Warning signs of this real estate scam can include (but are not limited to) companies:
Asking you to sign over the deed to your home
Telling you not to contact your lender
Telling you that you need to rent your home
Having you send mortgage payments to some third party.
2 – Appraisal Scams
These scams usually involve overstating the value of a home to generate false equity. Typically, appraisal fraud is linked to other types of mortgage fraud.
Warning signs of this real estate scam can include (but are not limited to) companies/individuals:
Overstating the property characteristics
Falsifying appraisal documents
Manipulating comparable properties.
3 – Loan Document Scams
With these types of real estate scams, borrowers generally provide false or inaccurate financial information to lenders to try to get better loans (e.g., better interest rates, more favorable terms, etc.). In some cases, this type of real estate scam can also involve borrowers claiming that they intend to live in a home when, in fact, the home will be a rental.
Warning signs of this real estate scam can include (but are not limited to) borrowers:
Using P.O. Box addresses on loan documents
Accumulating assets that don’t match their incomes
Not having any credit history
Not signing and/or dating loan documents.
More Common Real Estate Scams to Avoid
4 – Short Sale Scams
Understanding these common real estate scams can save you from serious financial losses, an experienced Denver real estate lawyer explains.
With these real estate scams, borrowers who are underwater on their homes may try to feign financial hardship to get lenders to agree to short sales. After lenders agree to short sales, then a partner of the borrower will buy the property for a significantly reduced price, after which the property will then be resold by the borrower and partner at a profit.
Warning signs of this real estate scam can include (but are not limited to) borrowers:
Defaulting on mortgage payments without participating in workout discussions with lenders
Selling homes for far less than the current market value
Receiving cash back for short sales, with these payments being made under the false pretenses and not being disclosed to lenders.
5 – Rental Scams
These types of real estate scams can take many forms, only a few of which include:
Renting empty homes, such as homes belonging to people who are on extended vacations or may be working abroad
Renting foreclosed homes, which can be carried out by homeowners who may be losing their homes or by third parties
Renting homes that are actually for sale.
Warning signs of this real estate scam can include (but are not limited to):
Being asked to make deposits or sign contracts without seeing the inside of the home
Being pressured into making a decision regarding a rental ASAP (and without seeing the property)
Getting mail from “past” owners or occupants.
6 – Property Flipping Scams
These real estate scams generally involve “flipping” properties by reselling them at grossly inflated prices. Commonly, flipping scams are associated with appraisal scams, as the fake appraisal documents are used to try to justify the inflated home price. Once the home is sold, it will typically be refinanced by the “straw” buyer (who works with the flipper); eventually, the home is allowed to go into foreclosure.
Warning signs of this real estate scam can include (but are not limited to):
Immediate refinancing of properties after their sale
Suspiciously high home appraisals
Properties being listed at significantly lower than market value following a foreclosure
The name on the appraisal/title of the home not being the same name as that on the sales contract.
7 – Real Estate Seminar Scams
These scams are about real estate, but they don’t actually involve real property. Instead, with these scams, people are promised some gift or “insider” real estate knowledge that will help them become “millionaires” or “rich” soon.
Warning signs of this real estate scam can include (but are not limited to) companies:
Promising you the world for “no upfront cost”
Telling you that you have to take more classes
Not providing you with any real useful info in the first “free” seminar.
Denver Real Estate Lawyer at Downey & Associates, PC
When you need help resolving any real estate legal matters, you can turn to Denver Real Estate Lawyer Thomas E. Downey. Since 1983, Thomas Downey has been providing individuals and businesses in the Denver Metro Area and throughout the U.S. with the highest level of legal service for their litigation, property tax and real estate legal issues.
To learn more about your rights and options, as well as our various services, call us at (303) 813-1111 or email us using the contact form on this page. From our law offices in Centennial, we serve clients throughout Colorado and the U.S.
Downey & Associates PC represents clients in Denver and in the surrounding Colorado communities including Englewood, Littleton, Aurora, Greenwood Village, Broomfield, Boulder, Westminster, Fort Collins, Colorado Springs, Adams County, Denver County, Arapahoe County, Douglas County, Jefferson County, Boulder County, Larimer County and El Paso County.
