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Buyers of residential property in the mountain resort areas of Colorado are encouraged to take special care to investigate certain matters, in addition to those matters addressed in the sales contract:
1. Size. There are several different methods for measuring square footage of residential property, and Buyer should not rely totally on the square footage advertised. The square footage of the improvements on the Property may be verified by Buyer as part of the inspection or appraisal of the Property.
2. Survey. Buyer is encouraged to obtain a current survey of the Property. If Seller hasn't provided a survey, Buyer may contact a registered surveyor to arrange for a new survey. There are several different types of surveys, and Buyer should discuss with the surveyor the cost and type of survey that best meets Buyer's needs.
3. Title Insurance Commitment. The title
insurance commitment described in Section 8 of the sales contract
will contain important information about the condition of title to
the Property. Section 8 of the contract permits Buyer to obtain
copies of recorded title documents that affect title. Section 9
imposes a deadline for the Buyer to object, in writing, to the
information in the title commitment and any other title documents
provided by Seller or the title insurer. Buyer is encouraged to
review the commitment and title documents promptly and to address any
title concerns to Seller before the deadline.
4. Wells and Permits. If the Property uses water from a well, Buyer should obtain a copy of the well permit from Seller and make sure the use of the well conforms to the type of permit. For more information on well usage, or if Buyer is unable to obtain a copy of the well permit, Buyer should contact an attorney, a water engineer, or the Colorado Division of Water Resources in Denver. Buyer is also encouraged to check the water quality and capacity of the well. For assistance on this topic, contact a private well servicing company or the town or county environmental health department. After closing, Buyer should submit a change of ownership form to the Division of Water Resources, using Form No. GWS-11.
5. Septic Systems and Permits. If the Property is served by a septic system, Buyer should obtain a copy of the septic permit from the county environmental health department. Buyer is encouraged to test the efficiency of the septic system by contacting a qualified engineer or septic system servicing company.
6. Inspection of the Property. Buyer is encouraged to conduct a physical inspection of the Property, either personally or through a qualified home inspector, as provided in Section 10 of the sales contract. If Buyer doesn't make written objection to the physical condition of the Property by the Objection Deadline, Buyer may be waiving a right to later object.
7. Radon. Some properties in Summit County may have elevated levels of radon. Buyer is encouraged to test the Property for the presence of radon as part of the physical inspection of the Property provided in Section 10 of the contract.
8. Homeowners Warranties. Homeowner warranty insurance policies may be available from private companies for a fee. Buyer is encouraged to inquire directly with a warranty provider prior to closing.
9. Wetlands. If the Property is near a waterway or contains wetland areas, the Property may be subject to severe development limitations. For further information, contact the county planning department, a civil engineer, or the US Corps of Engineers.
10. Flood Plain and Flood Insurance. If Buyer is concerned about whether the Property is located in a flood plain, Buyer may check the flood plain maps on file with the town or county. Flood insurance, if desired, may be obtained from many private insurance agencies.
11. Soils Testing.. Some properties in Summit County contain expansive soils. For more information, Buyer should consult with a qualified soils engineer.
12. Protective Covenants. If the title commitment indicates that the Property is subject to protective covenants or is part of an owner's association, Buyer is encouraged to get a copy of the covenants or declaration from the title insurer and review it carefully before the deadline for objection to title matter (see Section 9(a) of the contract.) Buyer is also encouraged to obtain from the association copies of the association's most recent financial information and minutes from recent meetings of the members and director. Buyer is encouraged to inquire of the association whether any special assessments are due or contemplated by the association.
13. Transfer Tax. Sale of property within the town limits of Breckenridge or Frisco or in the River Run area of Keystone Resort is subject to payment of a real estate transfer assessment of 1% or more of the sales price. Section 14 of the sales contract contains language about who will pay the assessment at closing.
14. Improvement Districts. Buyer is encouraged to inquire of the county treasurer whether the Property is located in either a special improvement district or a local improvement district, because either may result in additional assessments against the Property.
15. Availability of Utilities. Buyer is encouraged to verify with utility providers the availability and immediate accessibility of electricity, phone service, water, sewer and any other utilities of importance to Buyer.
16. Road Maintenance. Buyer is encouraged to inquire about the responsibility for public or private maintenance of the roads serving the Property. Some roads are not maintained on a year-round basis. To determine this information, contact the county road and bridge office or, if inside a town, the town public works department.
17. Zoning. Buyer is encouraged to determine if Buyer's intended use of the Property conforms with the applicable zoning and land use regulations. For further information, contact the town or county community development department.
18. Rental Income. If the Property is to be produced for the production of rental income, Buyer is advised that rental income varies greatly from season to season and from year to year. Many factors can affect future rental income; any rental income figures provided for past or projected performance may not accurately reflect future performance. A local rental management company may be able to provide Buyer with comparable rental income figures.
This disclosure form is intended as an informational tool for Buyer. Buyer should consult with qualified people on these and any other matters that are of interest to Buyer.
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