Insurance

While waiting for a Resolution on the Inspection items, give your insurance company a call and ask for a quote or call a local agent that we can recommend.  Some items they will ask for will be distance to the nearest fire station and fire hydrant, type of roof, and other items that are important for wildfire risk management.

Title

The “Title Commitment” will be delivered to you by the Title Insurance Company.  This is a commitment to insure the Title from any liens or potentially damaging instances.  For example, a Survey is necessary for the Title if it is a single-family home.  What if the Survey returns with no fencing on the boundary lines?  Then you buy your home, the snow melts, and there is a fence crossing your line.  Assuming you cannot work it out with the neighbor, a Title Insurance claim may be necessary.

The “Title Commitment” will show any liens currently on the property.  It will also show the “Requirements” necessary to issue the policy at the time of closing.  It will also show “Exceptions” to the Policy.  There are many exceptions in the area due to old mining claims, utility easements, condominium complexes, and Homeowner Association rules.  The Title Company will be able to explain most of them to you.

Remember, the Title Company is working for themselves – they are an insurance company.  In a case where they cannot explain, we will refer you to an attorney who can.  After discussing with an attorney, we can execute a Colorado Division of Real Estate form “Title Related Objection Notice” to the Seller.