Real Estate Law of Contracts – Buying and Selling Real Estate


hey how’s it going I’m Andy Contiguglia, a lawyer based here in Denver Colorado I’m bringing you your legal
lessons in business I’m here to help educate you about the law in business I
believe that learning about the law in business is essential for developing
fundamental strategies and success in business if this is your first time
visiting our channel please like please subscribe to get a more detailed
understanding about the legal problems that you can encounter while running and
managing your business in this video I had the great opportunity to join my
close friend Sara Gallegos an amazing real estate agent here in Denver
along with the crew of the American dream we sat down and we discussed a few
of the issues the legal issues that people encounter when buying and selling
real estate and your legal lesson starts now all right welcome back to the American
dream we’re going into Denver to find out what’s going on in the real estate
market over there I get to speak with Sara Gallegos she’s an award-winning
real estate agent with Keller Williams advantage Realty she’s a special guest
and econ to gulia we’re touching on legal issues he is a super lawyer he’s
all vote endpoint Oh ranked business lawyer Sarah and Andy how’s it going
today great Karen how are you I’m great thank you
awesome so good so Sarah touch on how Andy and you work together so Andy is a
great partner of mine in the aspect of anytime I have any kind of legal
question I can ask him that question or I can refer my clients to him to ask
those questions awesome it sounds like you guys have a really great working
relationship you have to have you know a symbiotic relationship between you two
so Andy one question people want to know what are what do you see is one of the
most important legal issues surrounding the purchase and sale of real estate
today well the reality is there are so many but what I see primarily is the
issues concerning sellers disclosures so when you’re selling a house and you have
an opportunity to sort of list all the issues problems that might be listing in
the house you have an obligation to make sure you don’t mislead the buyer as to
what’s wrong with the property so the problems that come up here are people
trying to hide problems in the home not being forthright and not forthcoming
with the information that they are in fact providing to the buyer to make sure
that the buyer is making an intelligent decision in buying that property and
then from this purchaser standpoint one thing I see also is when you have an
opportunity to actually review those disclosures you want to make sure maybe
even follow up on some of the things that are being said there for example
did these seller pull a permit to build the deck in the back of the house you
know did they get the certificate of occupancy when they built the man cave
in the basement so really when we’re talking about these disclosure issues
it’s a matter of did somebody intentionally mislead a buyer did they
do it X accidentally or did they you know make some form of you know
negligent misrepresentation so to speak so it sounds like a little bit of
clarification goes a long way in a situation like that and this sounds like
something that’s a personal seller selling
personal home to a buyer now what happens when it’s an investment
standpoint when a buyer is purchasing an investment what are the legal issues in
that aspect you know that’s another really great question what I see happen
in situations like this is you know nowadays with mortgage rates so late or
so low you see people wanting to purchase properties from rent for
investment purposes and what ends up happening in that situation is you may
buy a home or a townhouse or some type of condominium in a covenant controlled
community or a property that’s regulated by a homeowner’s association without
realizing that you can’t lease your property out for short term so while you
can purchase a property and lease it out to a tenant for a long period of time
like a year or two years or more many people nowadays want to take advantage
of buying these secondary properties to take advantage of things like home away
or Airbnb you know quick corporate people coming in and renting the
buildings for you know short periods of time but what you may find out is that
the covenants or the homeowners association may not allow for you as a
business owner or as an as a homeowner to lease the building out for that short
period of time so it’s important before you go into a secondary market like this
to buy these properties that you make sure that you check the homeowners
association and the covenants to make sure that you can in fact put these
homes on the market for short periods of time for Airbnb or home away or
something like that sure it sounds like as a buyer you have a lot of due
diligence to go through so it’s really important to have professionals like you
on that end Sarah in short what’s the Denver market looking like right now so
we still have very low inventory we have just over 3,600 homes on the market and
the in the major counties that make up the Denver metro area so very low
inventory very competitive for buyers out there great for sellers awesome well
it sounds like Denver’s on fire I’m really glad buyers and sellers have you
two to turn to so thank you so much there and Andy for being on the American
Dream thank you thanks so much for watching the American Dream we’ll be
right back with more that’s how you do it b-roll

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