This week I met with two title companies. I met with Land Title Guarantee Company and Fidelity National Title Company. Both companies are great and the people are awesome.
And on Friday, February 25th, Bray Real Estate had a luncheon to celebrate its 65th year. That was amazing. W.R. Bray, the son of Sherman and Roxie Bray, was there. His parents started Bray and Company in 1946. Robert, their grandson, presided over the 2010 Sales Achievement Awards, which were also a part of the luncheon.
I'm happy to be affiliated with Bray Real Estate. Our mission statement is: "To be the premier provider of comprehensive real estate services on the Western slope. Our success will be measured in the achievement of our customers' and clients' objectives, satisfaction and continued trust." Impressive, isn't it? It's great to be settling in at Bray.
Monday, February 28, 2011
Thursday, February 17, 2011
Leases and When to Give Notice
My life has been very busy. Since getting my license. I have been meeting with Paul Zurek, the Bray Office Manager, and I have a mentor. She is Vonnie Folkers, a Colorado real estate broker at Bray Real Estate. She has been a big help in helping me see how things work "in the real world."
Moving on to our real estate talk, let's discuss leases in Colorado. A lease is an agreement between a landlord/owner/lessor (whatever word you want to use) and a tenant/renter/lessee (again, whatever word you want to use). Because of the statute of frauds, a lease for longer than one year has to be in writing to be effective. However, it's always best to get a written lease because the written paper reminds people what the arrangements are.
There are four kinds of leases. There is a lease called a "tenancy for years." It's a lease for a definite time period, which could be for 1 day, 6 weeks, 4 months, 1 year, or 50 years. Because it's clear when the lease ends, no one needs to "give notice" unless he/she wants to change the length of time.
Another kind of lease is called a "periodic tenancy." This is a lease that is for a time that constantly renews. If it's a weekly or monthly lease, it continues until either the landlord or tenant gives the other party notice that he/she doesn't want it to continue. For this change, it needs to be written notice and here are some guidelines according to Colorado statutes 13-40-107:
1 year, or longer, lease—3 months notice
6 months up to 1 year lease—1 month notice
1 month up to 6 months lease—10 days
1 week up to 1 month lease—3 days
There's also "tenancy at will," which is when a landlord and tenant have an informal arrangement that exists until one party isn't interested any more or some event takes place. For example, this could happen when a property is for sale and the agreement exists until it is sold. Only 3 days notice is needed in a tenancy at will. That isn't much notice, but often the people involved know what's going on before the official notice is needed. These are friendly leases.
Finally, there is also something called "tenancy at sufferance." This happens when the tenant stays after a lease has ended. The landlord can decide to renew the lease, accept rent and/or change the rental terms, or evict the tenant. For eviction, the landlord needs to give notice. Obviously the tenant wouldn't give an eviction notice.
Now we've talked about leases expiring and the tenant getting evicted. Two other ways to end a lease are "surrender and acceptance," which is when both the landlord and tenant agree to end the arrangement, and "breach of conditions," which is when either the landlord or the tenant agreed to do certain things and it just didn't happen. Depending on what happened, the wronged party may walk away from the lease.
If you need other information, there is information at the Colorado Division of Housing.
Moving on to our real estate talk, let's discuss leases in Colorado. A lease is an agreement between a landlord/owner/lessor (whatever word you want to use) and a tenant/renter/lessee (again, whatever word you want to use). Because of the statute of frauds, a lease for longer than one year has to be in writing to be effective. However, it's always best to get a written lease because the written paper reminds people what the arrangements are.
There are four kinds of leases. There is a lease called a "tenancy for years." It's a lease for a definite time period, which could be for 1 day, 6 weeks, 4 months, 1 year, or 50 years. Because it's clear when the lease ends, no one needs to "give notice" unless he/she wants to change the length of time.
Another kind of lease is called a "periodic tenancy." This is a lease that is for a time that constantly renews. If it's a weekly or monthly lease, it continues until either the landlord or tenant gives the other party notice that he/she doesn't want it to continue. For this change, it needs to be written notice and here are some guidelines according to Colorado statutes 13-40-107:
1 year, or longer, lease—3 months notice
6 months up to 1 year lease—1 month notice
1 month up to 6 months lease—10 days
1 week up to 1 month lease—3 days
There's also "tenancy at will," which is when a landlord and tenant have an informal arrangement that exists until one party isn't interested any more or some event takes place. For example, this could happen when a property is for sale and the agreement exists until it is sold. Only 3 days notice is needed in a tenancy at will. That isn't much notice, but often the people involved know what's going on before the official notice is needed. These are friendly leases.
Finally, there is also something called "tenancy at sufferance." This happens when the tenant stays after a lease has ended. The landlord can decide to renew the lease, accept rent and/or change the rental terms, or evict the tenant. For eviction, the landlord needs to give notice. Obviously the tenant wouldn't give an eviction notice.
Now we've talked about leases expiring and the tenant getting evicted. Two other ways to end a lease are "surrender and acceptance," which is when both the landlord and tenant agree to end the arrangement, and "breach of conditions," which is when either the landlord or the tenant agreed to do certain things and it just didn't happen. Depending on what happened, the wronged party may walk away from the lease.
If you need other information, there is information at the Colorado Division of Housing.
Tuesday, February 8, 2011
I Have an Official License & I'll Be Working with Bray Real Estate
I'm back with good news. I checked online at the Colorado Division of Real Estate, and this week I found my name actually listed as a genuine Colorado real estate broker.
Soon I'll get back to using this blog to share real estate information with you, but before that I have a little more good news: I've joined Bray Real Estate in Grand Junction, Colorado. AND I went on my first tour of homes today.
I promise to be back soon with another round of information and explanations.
Soon I'll get back to using this blog to share real estate information with you, but before that I have a little more good news: I've joined Bray Real Estate in Grand Junction, Colorado. AND I went on my first tour of homes today.
I promise to be back soon with another round of information and explanations.
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