Mini case deal r us brokers part 1

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Mini case deal r us brokers part 1

Colorado Court of Appeals, Div. Rehearing Denied July 2, Certiorari Denied October 13, Attorney s appearing for the Case Joseph P. Jenkins, Estes Park, for plaintiffs-appellants.

Tharp, Boulder, for defendants-appellees. In this suit arising from a real estate brokerage transaction, plaintiffs sellers seek, among other things, rescission of a promissory note and a related deed of trust.

Trial court judgment was for defendants brokersand plaintiffs appeal.

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The record reveals that on May 1,sellers entered into an exclusive listing agreement with brokers to sell the Lazy T motel, bar, and restaurant located in Estes Park, Colorado.

It is undisputed that, pursuant to such agreement, brokers obtained buyers for the property in question; that on February 3,a contract of sale was executed; and, that the property was ultimately sold to the very buyers brokers had obtained.

As part of the consideration for the sale, sellers received from buyers certain real property. On the same date on which the sale contract was executed, sellers also executed a written agreement concerning the brokerage commission. In that agreement, sellers 1 promised to execute a promissory note whose principal would equal the commission, and 2 promised to execute a deed of trust to secure the note, which deed of trust was to be upon the real property sellers were to receive as part of the sale price for their Estes Park property.

On March 11,sellers discharged brokers from further responsibility for the transaction. Assertedly, such discharge resulted from brokers' failure to provide expected services, and from apparent personality conflicts between sellers and brokers.

As a consequence of the discharge, some question arose as to whether sellers intended to pay brokers their commission. Before closing occurred on the underlying real estate sale, brokers initiated legal action ostensibly to protect their rights to their commission.

Mini case deal r us brokers part 1

In addition, brokers filed associated notices of lis pendens on the properties involved in the underlying real estate sale. On April 2,sellers executed the note and deed of trust for which the February 3,agreement specifically provided. At the same time, buyers, sellers, and brokers executed a mutual release applying to "all alleged wrongs or causes of action" arising out of the related real estate transaction.

As a result, brokers dismissed their lawsuit against sellers, and also caused the lis pendens to be withdrawn. On appeal, sellers argue first that the note, deed of trust, and release were executed under duress in that such execution was demanded as a precondition to the release of the lis pendens.

In this regard, sellers claim that the lis pendens stood, in effect, as a bar to the closing of the real estate deal. Sellers allege that, since it was important that the deal be consummated promptly, they had little choice other than to execute the instruments here in question.

They insist that, under these circumstances, the trial court should have granted their request to rescind these instruments.Theresa May Brokers Brexit Deal With EU December 9, Sean Adl-Tabatabai News, UK 0 Theresa May has brokered a deal with the European Union, allowing Brexit to advance to stage two which will see talks on the future trading relationship.

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Mini case deal r us brokers part 1

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