There are a few key differences in buying a home in Colorado versus buying a home in other states.
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Why is buying a home in Colorado different than buying a home in other states? There are a few key reasons.
First, property taxes are paid in arrears, which means you pay for the previous year’s taxes. When you move in, you don’t pay taxes until April 15 of the next year.
Next, sellers offer title insurance instead of a chain of title, which is more common in states on the East Coast.
We also don’t use closing attorneys to close a transaction. Transactions are closed with other real estate agents through local title companies instead.
Also, both parties attend the closing at the same time at the same location.
The state contract to buy and sell real estate is also written slightly in the buyer’s favor here, so keep that in mind when you enter a real estate transaction and make sure you protect yourself whether you’re a buyer or a seller.
Colorado also has higher levels of radon, so when you have a home inspection performed, it’s worth the extra money to have the radon levels tested.
Finally, there are certain intricacies involved when it comes to buying land that you need to be aware of.
If you have any questions about any of these specificities or you’re thinking of buying or selling a home in our market, don’t hesitate to reach out to me. I’d be glad to help you.