Real Estate 101: By the agent who lives here, plays here, owns here!
Colorado Real Estate is unique for many reasons, just to name a couple: water rights and sales tax. Grand County, for the most part, is party of Division 5 Water District (Colorado River Basin). Water rights are considered a valuable and complicated attribute. True water rights may be bought and sold independent of any real property (land, home, etc.), these are independent of wells. There are also many types of wells, household, domestic / livestock, etc. These are transferred with the property on which they are located. When moving to Colorado from another state, a buyer may not realize that they must have a domestic / livestock well in order to legally water horses, etc. To qualify for a new domestic / livestock well, the well must be located on at least 35 acres. You may also acquire a home on less than 35 acres, with a domestic well, if the well was designated with domestic attributes.
Below is a link for more information about wells and water rights within Colorado. Colorado also requires that title companies withhold 2% for state tax on any properties sold by non-residents. This may sometimes become an issue when Colorado residents are retiring and maintaining 2 households while transitioning to another state or it is a second home. These are just a couple of examples of Colorado’s unique real estate market.
If you have any questions or concerns, let Re/Max Red help guide you.
Rebecca Guthrie, Broker / Owner (970) 485-4141, [email protected]