Property Buying Guide: Understanding Transfer Taxes & Fees in Summit County

Making Informed Decisions: Navigating Transfer Taxes & Fees in Summit County*

Purchasing property in Summit County, Colorado, is an exciting endeavor, but it's essential to be aware of the unique aspects of real estate transactions in the area. Understanding transfer taxes and fees is crucial to making informed decisions and ensuring a smooth buying process. Here's a comprehensive guide to navigating transfer taxes and fees in Summit County.

1. Transfer Taxes in Frisco & Breckenridge

The Town of Frisco and the Town of Breckenridge each have their own transfer taxes that apply to all real property sales within their jurisdictions. Both transfer taxes are set at 2% of the property's sales price. These taxes are collected at the time of closing and contribute to funding various community projects and initiatives.

2. Private Resort Transfer Fees in Keystone

In addition to the standard transfer taxes, some communities in Summit County have private resort transfer fees. Keystone Neighborhood Company is an example of such a community, and it imposes a transfer fee of 2% of the property's sales price. This fee is separate from the town transfer taxes and is specific to the Keystone area.

3. Owed But Not Due Fees

The concept of "Owed But Not Due" fees pertains to properties that were developed in Summit County under specific conditions in the past. In certain instances, builders were allowed to construct homes without immediately paying tap fees. Over time, as property values have increased, some towns are now calling these fees due. It's crucial to work with an experienced real estate agent and a reliable title company to determine whether a property is affected by "Owed But Not Due" fees.

4. Negotiating Transfer Taxes & Fees

As with any real estate transaction, everything is negotiable, including transfer taxes and fees. During the contract negotiation process, buyers and sellers can discuss and agree upon who will be responsible for paying these costs. Negotiating transfer taxes and fees can help strike a fair balance between the parties involved in the transaction.

5. Seek Professional Guidance

Navigating transfer taxes and fees in Summit County can be complex, but you don't have to go it alone. Seeking professional guidance from a knowledgeable real estate agent and an experienced title company is essential to understanding the specific costs associated with your property purchase. Their expertise will ensure a seamless transaction and help you make informed decisions throughout the process.

Purchasing property in Summit County offers a gateway to the extraordinary beauty and adventure of this mountain paradise. By understanding transfer taxes and fees, you'll be better equipped to embark on this exciting journey with confidence and clarity.