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Real Estate Boulder CO | What Is A Land Contract?

July 23, 2010 By admin Leave a Comment

A land contract is a contract between the buyer and the seller of real estate Boulder CO in which the seller continues to hold the title or the deeds to the property to the buyer has paid all the agreed installments. Sometimes a balloon repayment would be called for at the end of the agreed installments.The property in question may be a vacant lot, a house or a commercial property. Because the laws governing land contracts vary from state to state, you would have to check the specifics in any particular case.

In effect, the seller is financing the purchase by the buyer and the buyer is repaying in installments. A land contract may also be referred to as contract for deed or a deed of trust, despite the fact that the buyer has not paid the full price, being extended the entitled to use the property with immediate effect. A formal contract is entered into between the seller and the buyer which details of the relevant points of the contract such as the details of the property, the agreed purchase price and the details of the installments to be paid by the buyer. In the event of payment default, the seller can retain possession of the property and the buyer forfeits all the amounts paid today to date.

If you are contemplating a sale under a land contract, here is what you should do to protect yourself:

  • get a credit report on the buyer. If the report indicates an unsatisfactory history of evidence of financial trouble in the past, you should abort the transaction unless you have very good reason to go ahead.

  • demand title insurance for the property. Title insurance providers will thoroughly investigate records of the buyer before providing the insurance and make sure that there are no problems.

  • demanded substantial down payment. The higher the down payment, the less likely the buyer will be in default or walk away. You can provide a standard mortgage term of 30 years but you would be well advised to incorporate a balloon repayment after five or 10 years so that the buyer can pay you off either by refinancing or selling the property.

  • verify the buyer’s employment and references. Crosscheck with his employer and his referees and ensure that there is nothing negative. You may also wish to talk to his previous landlords to see what kind of tenant he has been.

  • insist that the buyer provide you with a homeowner’s insurance policy in which you are named as an additional insured. This should take care of problems which arise after the land contract has been signed.

  • a reasonable late payment charge in the contract in case the buyer delays payments. This should be enough to cover any charges that you have to pay in connection with your own financing.

  • ensure that the property is reasonably maintained and cared for. You could incorporate an acceleration clause that will make the buyer liable for immediate payment if the value of your investment deteriorates because of bad maintenance.

Buying real estate in Fort Collins CO can be tough at times. But it is options like the land contract that help to make things a little easier for the buyer to own the property in the Frederick CO real estate market.

Filed Under: Real Estate Tagged With: investment in real estate, land contract, Real estate Boulder CO

How To Find A Good Boulder Colorado Real Estate Agent

July 8, 2010 By admin Leave a Comment

It goes without saying that whether you are buying or selling property, the services of a top-class Boulder Colorado real estate agent are priceless. In this case, the Pareto 80:20 principle applies and 80 percent of the real estate business is handled by 20 percent of the real estate agents. But how are you going to find this top-class real estate agent? It is not necessary that he works for the largest brokerage or sells the maximum number of houses. What you need is an agent who is going to conduct himself in a highly professional manner, understand your requirements thoroughly and makes the whole transaction as painless as possible for you.

The first thing you should know when you go looking for a real estate agent is that all real estate agents who are licensed to deal in property are not Realtors®. In fact, it is believed that only about half of all licensed real estate agents are Realtors®. Realtors® belong to the National Association of Realtors® and, in order to display the logo Realtors®, have to pledge to follow the Code of Ethics. The Code of Ethics is a complete code of conduct that contains 17 articles describing the high professional standards that are expected to be followed. Because these professional standards exceed what is prescribed by law, you would be well advised to pick Realtors® when you are picking your real estate agent.

Make the fullest use of referrals. If successful real estate agents stay in business, it is because they have a large circle of satisfied customers. Ask anybody who you know who is qualified to comment on real estate agents or who has successfully used their services in the past. One good referral is worth a dozen yellow page listings or Internet searches. Generally, you will hear the loudest phrase about agents who go well beyond the call of duty in fulfilling their professional obligations.

If you are searching online, there are plenty of sites that will refer real estate agents to you but you can never be sure of the quality because these are paid listings. Instead, try and Google the top brokerages in your area and try and find agents who are listed in these brokerages. Talk to them and get a feel for what they have to offer. In particular, look for customer testimonials on these websites and see if you can talk to any of these customers.

A good way to get to meet a number of real estate agents is to attend as many open houses as you can. Speak to them, collect their business cards and make notes on their cards of the impression they made on you. It also gives you a chance to observe them and how they go about conducting their business. Make sure that these agents have several closings to their credit and a track record of successful business. What you do not want is some novice learning business at your expense.

Interview several different agents before you make up your mind. Draw up a wish list of the qualities that you would like to see and examine each agent to see if he or she fits this profile. Beware of an agent who makes unrealistic promises just to win your business. Be equally wary of an agent who tries to win your business by offering the lowest commission. Opting for the cheapest agent is a false economy because you are unlikely to get value for your money.

The key to finding the best homes in Castle Rock Colorado is to hire the right Realtor for the job. They will help you identify real estate properties that will suit your style and most importantly your budget. You may even look for Realtors® to help you find Niwot Colorado homes.

Filed Under: Real Estate Tagged With: Boulder Colorado agent, finding a real estate agent, real estate Boulder Colorado

What Is The Difference Between A Townhome & A Condo In The Boulder Real Estate Market?

June 29, 2010 By admin Leave a Comment

A condominium or a condo is one of a group of housing units where each homeowner owns their individual unit space, and all the dwelling share ownership of areas of common use. The units normally share walls and all the land in the condominium project is owned in common by all the homeowners. A townhome is one of a row of homes sharing common walls and here the ownership includes individual ownership of the land. But common elements, such as a central courtyard, swimming pool, gym, clubs, etc are shared. It is important to understand the difference when looking for Boulder real estate.

They may look exactly alike but what features actually differentiates the condominium and a townhome is what property rights come to consumers who purchase them. A buyer of a condo owns his or her individual unit structure and a percentage of the surrounding property including land, and any amenities on the property. They are responsible for the space inside their own walls so that means they can paint them however they wish. They don’t enjoy that same privilege n the outside of their homes, however residents are members of a home owners associations and pay a monthly fee for maintenance of the common property.  So a condominium owner’s property rights only extend to the walls of the structure.

A buyer of a townhome purchases his or her individual unit and the ground that is underneath that unit. These properties are generally more consistent with single family homes and common areas are still individually owned. Townhouse communities may also have owner associations which maintain external structure, security gates and trash service, etc. They sometimes have restrictions about exterior alterations to a property, parking and its maintenance but the owner of a townhome has property rights that extend to the yard around the townhome and the air above it.

The advantages of living in a condo are many. Most of the condos today are apartments that have been converted over the last few years. With a payment of the condo few we cover the general repairs, maintenance common areas to the complex and reserves for future needs. All exterior needs are taken care of and the owners are not responsible for them. Generally many condo communities offer additional amenities like pool, play areas, tennis courts, etc that one cannot afford always and most are built in the heart of the city and are reasonable in price. Advantages of a townhome are that there is Better Security since your home is neighboring other homes. They can also be grouped together as small units, such as duplexes or triplexes, or they can be a part of a huge townhome complex. The beauty of a townhome is that they offer a little green space, generally in the form of a small backyard area and landscaped walkup drive that leads to the front door.

Everyone dreams of buying their own home. If you are considering buying a home in cities like Conifer CO or Erie CO, you must first determine the type of home that will suit you and your family. Consider factors like the size of the home and property ownership rights. Researching what you want beforehand will make your search process easier.

Filed Under: Real Estate Tagged With: Boulder Real Estate, condominium, townhome

What Is A Grant Deed? | Boulder CO Real Estate

June 23, 2010 By admin Leave a Comment

When a property is sold by the owner to another person, the title to the property has necessarily to be transferred to the buyer in some form. In the old days, this was often achieved by a process called livery of seisin. The seller, known as the grantor, picked up a handful of dirt from the property and handed it to the buyer, known as the grantee, as the sign a transfer of interest. This was accompanied by a recitation of words in a legally prescribed form and was enough to formalize the transaction.

This is no longer sufficient in modern times when there is proper documentation required to be executed so that land and revenue records and other government records can be updated. In many states and jurisdictions, the document that is required to formalize the sale or transfer of interest in the property is called a grant deed and is required to be executed both by the grantor and the grantee. The document is then often placed before a notary public or any other official who is authorized to administer oaths. That official then seals and signs the document to show that the document was properly executed in his presence. This is not strictly necessary according to the law but it is a sensible precaution to take to establish that the document is genuine. The cost of notarizing is minimal. Such a precaution should be taken by people interested in Boulder CO real estate just to make sure the process is authentic.

A grant deed is generally a legal document that contains the following information. The exact content and form may vary depending on the legal jurisdiction but, generally speaking, this information will be there in some form.
-the names and legal addresses of the grantor and the grantee and brief description of the property to be transferred.
-a declaration that the grantor is transferring the title or right in the property to the grantee.
– The grantor also normally offers the guarantees that he has free and clear title to the property and that he has not sold it to somebody else. He will also guarantee that there are no other liens on the property.
-the grantor undertakes that once the grant deed has been signed, his rights to and ownership of property cease immediately.
The grant deed is then filed or placed on public record at the records office where the property is situated.

Other than grant deeds, ownership of property may be transferred to other forms of documentation. For instance, a quitclaim deed also transfers rights and ownership in the property from the grantor to the grantee but does not guarantee free and clear title. The title has to be separately checked through a title search through a title company or the local records office. A warranty deed performs all the functions of a grant deed with the addition that the grantor undertakes to defend the title against any litigation. The grantor is basically guaranteeing the title. In the case of a loan or mortgage, the trust deed can be used to transfer title to a trustee to be held as collateral. If there is a default, the trustee can foreclose and sell the property to pay off the dues.

When buying land one should take care to find out about grant deeds and other legal items. If you are curious about the Colorado market you may also want to learn more about Denver Colorado real estate or Erie CO real estate.

Filed Under: Real Estate Tagged With: Boulder CO real estate, buying land, Grant deeds