 |
To determine a price that you are comfortable with, talk with a lender ( bank, mortgage broker, credit union, savings and loan). It's a good idea to do this before you start your home search. |
| |
Select an area, maybe even several areas that appeal to you. |
| |
Make a decision about your preferences and needs in a home. For example, the neighborhood? price? size of lot? floor plan? location amenities such as near a golf course?
located on a river? |
| |
Identify what preferences are most important to you. Your dream home may not include all of your preferences.
Decide what you can give up. |
| |
Contact a licensed real estate broker to guide you in your search. Your broker will be able to educate you concerning the market in your preferred area. They will also be able to provide you with the prices that homes have sold for in your preferred area. |
| |
Arrange with your broker to view properties either in person or on-line. |
| |
Sellers generally request a 24 hour notice before showing their property. There may be rental tenants who require prior notice. Keep this in mind when contacting your broker to set up showings. |
Mountain Lake in Aspen, Colorado |
|
| |
Communicate with your broker. honest, open and frequent communication is very important. |
| |
|
| |
When you find an appropriate property, write an offer with your real estate agent. |
| |
|
| |
Title Companies |
| |
In Colorado, the title companies act as escrow agents, research the titles, issue title insurance, prepare the closing documents, record documents and conduct the closing. The choice of title companies is generally the choice of the listing broker for the seller, and is specified in the contract. |
| |
|
| |
Title Insurance |
| |
When a property is being sold, the buyer and lender (if applicable) request a title commitment. This document indicates the recorded liens and emcumbrances, recorded easements, and any restrictions on the use of the property. After review by the buyer and his attorney, the buyer determines if he is satisfied with the title. If the buyer decides to continue with the purchase of the property, title insurance is purchased. This title insurance policy insures the buyer that the title to the property is as reported.
Buyer pays the cost of title insurance. |
| |
|
| |
3 Ways to Take Title to Real Estate in Colorado |
| |
Tenancy in Severalty: ownership of property vested in one person alone rather than held jointly with another. Also called Sole Tenancy. |
| |
|
| |
Tenancy in Common:
parties need not be married; may be more than 2 tenants in common. Each tenant in common holds an undivided fractional interest in the estate. Can be disproportionate. Each tenant's share can be conveyed, mortgaged or devised to a third party. Upon death the property goes thru probate. |
| |
|
| |
Joint Tenancy with Right of Survivorship:
parties need not be married and may be more than two joint tenants. Each joint tenant holds an equal and undivided interest in the estate. Requires signatures of all to convey or encumber. Estate passes to surviving joint tenants outside of probate. |
| |
|
