Hartsel Land Use & Zoning Lawyer, Colorado
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Tracie Hulbert
Construction, Corporate, Land Use & Zoning, Contract
Status: In Good Standing Licensed: 23 Years
Breckenridge, CO 80424
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LEGAL TERMS
VESTED REMAINDER
An unconditional right to receive real property at some point in the future. A vested interest may be created by a deed or a will. For example, if Julie's will ... (more...)
An unconditional right to receive real property at some point in the future. A vested interest may be created by a deed or a will. For example, if Julie's will leaves her house to her daughter, but the daughter gains possession only after Julie's husband dies, the daughter has a vested remainder in the house.
FAILURE OF CONSIDERATION
The refusal or inability of a contracting party to perform its side of a bargain.
BEQUEST
The legal term for personal property (anything but real estate) left in a will.
ACT OF GOD
An extraordinary and unexpected natural event, such as a hurricane, tornado, earthquake or even the sudden death of a person. An act of God may be a defense aga... (more...)
An extraordinary and unexpected natural event, such as a hurricane, tornado, earthquake or even the sudden death of a person. An act of God may be a defense against liability for injuries or damages. Under the law of contracts, an act of God often serves as a valid excuse if one of the parties to the contract is unable to fulfill his or her duties -- for instance, completing a construction project on time.
BASIS
For income and capital gains tax purposes, the value that is used to determine profit or loss when property is sold. Often the basis is what you paid for the pr... (more...)
For income and capital gains tax purposes, the value that is used to determine profit or loss when property is sold. Often the basis is what you paid for the property, 'adjusted' to reflect improvements made or damage incurred while you own the property. See stepped-up basis, carryover basis.
INCIDENTS OF OWNERSHIP
Any control over property. If you give away property but keep an incident of ownership--for example, you give away an apartment building but retain the right to... (more...)
Any control over property. If you give away property but keep an incident of ownership--for example, you give away an apartment building but retain the right to receive rent--then legally, no gift has been made. This distinction can be important if you're making large gifts to reduce your eventual estate tax.
TENANCY IN COMMON
A way two or more people can own property together. Each can leave his or her interest upon death to beneficiaries of his choosing instead of to the other owner... (more...)
A way two or more people can own property together. Each can leave his or her interest upon death to beneficiaries of his choosing instead of to the other owners, as is required with joint tenancy. In some states, two people are presumed to own property as tenants in common unless they've agreed otherwise in writing.
QUITCLAIM DEED
A deed that transfers whatever ownership interest the transferor has in a particular property. The deed does not guarantee anything about what is being transfer... (more...)
A deed that transfers whatever ownership interest the transferor has in a particular property. The deed does not guarantee anything about what is being transferred, however. For example, a divorcing husband may quitclaim his interest in certain real estate to his ex-wife, officially giving up any legal interest in the property. Compare grant deed.
PRIVATE MORTGAGE INSURANCE (PMI)
Insurance that reimburses a mortgage lender if the buyer defaults on the loan and the foreclosure sale price is less than the amount owed the lender (the mortga... (more...)
Insurance that reimburses a mortgage lender if the buyer defaults on the loan and the foreclosure sale price is less than the amount owed the lender (the mortgage plus the costs of the sale). A home buyer who makes less than a 20% down payment may have to purchase PMI.
SAMPLE LEGAL CASES
BOARD OF COUNTY COM'RS v. Rohrbach
... Tatum v. Basin Res., Inc., 141 P.3d 863, 867 (Colo.App.2005). IV. Zoning. ... B. Various
Zoning Maps. The County's deputy clerk testified that she had seen the July 5, 1983
map sometime in the past, but it could not currently be located. ...
Lieb v. Trimble
Benjamin B. LIEB, an individual, Plaintiff-Appellant, v. Dixie TRIMBLE, solely in her official capacity
as member of the Board of Adjustment for Zoning Appeals for the City and County of Denver;
Penny Elder, solely in her official capacity as member of the Board of Adjustment for ...
IBC DENVER II, LLC. v. City of Wheat Ridge
... IBC purchased the property and tore down all but one of the buildings on the site. The property
is currently zoned "Planned Industrial Development (PID) and Industrial (I)," and is so reflected
in the Wheat Ridge Comprehensive Plan and on Wheat Ridge's official zoning map. ...
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