Title companies collect any property taxes that are due at closing. Title companies confirm with the county tax assessor if taxes have been paid or are still due. Taxes that are due will be debited from the sellers sales proceeds and paid directly to the county treasurer or held by the title company until the payment of taxes can be confirmed with the county tax assessor.
To ensure a smooth real estate closing have your buyers and or sellers bring the following items to closing:
Valid driver's license, state issued ID or passport (make sure ID's are not expired).
Buyers must supply the title company with good funds (cashier's check or wire) at closing. Money orders are NOT considered good funds.
On all cash purchases most title companies require good funds in the form of a wire. A cashier's check might not be accepted for an all cash transaction.
The Real Property Transfer Declaration provides additional information to the county tax assessor to help ensure fair and uniform tax assessments.
County assessor's appraise all real estate in Colorado every two years. The sales price of sold properties, obtained from recorded deeds, are used in the appraisal process.
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