Posted by Michael Murray on April 09, 1999 at 14:56:37:
Bill,
I am not a worrier, so I guess it is a non-issue, unless someone screams.
Thanks,
Michael Murray
Question for Bill Bronchick.(Or anyone else) - Posted by Michael Murray
Posted by Michael Murray on April 08, 1999 at 15:02:20:
Ron LeGrand, in his Lease Options & Options course, says options are not legal in some states, he thinks Colorado is one of them. When he speaks of options, he is not, of course, speaking of the commodities market, so I assume he means the term “options” to apply to RE. When he describes the use of options for buying RE, he lays the scenario of using a legal document to lock in a particular purchase price (low) if he sells the house before anyone else. Whatever he can sell it for above that option price, he keeps. Is that illegal in Colorado? How would that be different from a Lease Option, which I assume, is legal.
Thanks,
Michael Murray
Re: Question for Bill Bronchick.(Or anyone else) - Posted by Bronchick
Posted by Bronchick on April 09, 1999 at 11:50:52:
Options are legal in CO. I advised Ron that the real estate commission has been harrasing people in CO about options because some investigators have taken the position that “option dealing” requires a reale state license. I dealt twice with the commission on behalf of clients on this issue and they never did anything. My opinion based on reading the CO statute and legal research on the issue is that lease/options are perfectly permissible when acting as a principal without a real estate license.
The Real Estate Commission has no real power to regulate non-agents, but must ask the Attorney General to seek a court injunction to stop someone from doing lease/options. I asked the AG’s office for a formal opinion on this issue 3 years ago and they ignored me.
I suppose that they have better things do to.