Legal Question in Real Estate Law in Colorado

Selling land in Colorado and buying property in Pennsylvania

I need information to begin the process of selling 20 acres of agricultural land in Colorado (which is currently occupied by a renter) and using those process to buy a residential property (which would include about an acre of land) in Pennsylvania.

Asked on 11/11/00, 10:54 pm

2 Answers from Attorneys

Richard O'Neill The O'Neill Law Office

Re: Selling land in Colorado and buying property in Pennsylvania

Basically what you need to do is to list your property for sale in Colorado and starting looking for property in Pennsylvania. You can through the use of a power of attorney be in one state and close (or settle) a property in another state.

Essentially you will sell the property in Colorado have the money sent to Pennsylvania and buy the property in Pennsylvania. You could have the settlements on the same day, just by transferring the money by wire.

While I cannot speak for Colorado law you should consider talking with an attorney in Pennsylvania to assist you in your purchase in property in Pennsylvania. It really doesn't cost that much to have an attorney's help in sorting through the legal papers for the purchase of property.

If you have any questions please feel free to call.

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Answered on 11/20/00, 7:58 am

Murray Eckell Eckell,Sparks,Levy, Auerbach,Monte,Rainer,&Sloane

Re: Selling land in Colorado and buying property in Pennsylvania

Mr. O'Neill, Our firm could be of assistance to you as this is an area of the law in which we regullarly deal and have considerable expertise. We are a member of a NetWork of firms all over the country, so that we can engage Colorado counsel to assist us. Having said all that I would suggest the following course of action; 1) telephone me so we can go over all the details at great length 2) we will identify the appropriate broker to assist you in the sale of the Colorado property. 3) We will identify the right lawyer to do the contract and closing for you in Colorado. 4) My tax people will analyize your elligibility for a tax free exchange and any other related tax consequences. (Since you plan to buy a residence, a tax free exchange is not likely to be available) 5) We will then identify a broker in Pa. to help you find the residence you desire (we reularly use my son Steven who is an experiencd and competent realtor) although you may choose whomever you wish. 6) We will then negotiate the contract for acquiring the property and handle the closing for you with any attending problems. Between now and Nov.27, call me at 561 627-4147. After the 27th, call me at 1 888 565-3737, ext 242. I look forward to hearing from you. Murray S. Eckell

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Answered on 11/20/00, 10:34 am

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