How to Take Title

In Colorado there are three main ways in which people can take title to their home.  Of the three main options, one applies to individuals while the other two address multiple owners or married couples.

Fee Simple / In Severalty: This is how most individuals take title and is easiest to understand.  When taking a Fee Simple Title, you are the sole owner of the property and can decide unilaterally to sell or to will the property to whomever you choose.

Joint Tenants:  Also known as Joint Tenants with The Right of Survivorship.  Taking title as Joint Tenants means that there are multiple owners and they do not have the right to will their interest in the property to anyone.  Upon the death of one of the owners, their interest in the property will be transferred to the remaining owner or owners.  This is the most common way that married couples take title.

Tenants in Common:  Tenants in Common differs from Joint Tenants in that Tenants in Common DO have the right to will their interest in the property to anyone they wish.  Tenants in Common are often partners who get together to purchase Real Estate and want to be able to will their interest in the property to family or friends rather than their co owner/s.

As always, if you have questions about this or anything else pertaining to Summit County Real Estate, please feel free to contact me anytime.

All the best,  

Tyler MacGuire  e-PRO®, SFR

Broker Associate

Omni Real Estate Company

Email: tylermacguire@hotmail.com

Mobile: 970-409-7779    

Web: www.tylermacguire.com

        

“Your Guide to Summit County Real Estate”

Price Vs Cost

             As a Buyer, it is very important to understand the difference between price and cost as it relates to a Real Estate transaction.  The price of a home is the amount it is sold for and if there is not a loan involved the price and cost will be the same.  However, if you will be securing a loan to purchase the property, the actual cost of the home may vary greatly.

            Let’s assume you are going to buy a $200,000 condo with 10% down and a 30 year fixed interest rate of 5%.  In this situation you would be putting $20,000 down, receiving a $180,000 loan and would have a monthly principal and interest payment of $966.28.  If you were to stay in the home for ten years, the total principal and interest payments would add up to $115,953.60.

            Now, let’s assume that you wait until interest rates go up and purchase the same condo, for the same price, but you have a 6% interest rate on your loan.  In this situation, you would still be putting $20,000 down and securing a $180,000 loan but, your monthly principal and interest payment would rise to $1,079.19.  Over the course of ten years this principal and interest payment would add up to $129,502.80. 

            It is important to understand that both of these scenarios are assuming the same condo at the same price.  However, by raising the interest rate in the second scenario by just 1%, the cost of the home over the next ten years goes up by $13,549.20!!!

           As always, if you have questions about this information or anything else pertaining to Summit County Real Estate, please feel free to contact me anytime at the information below.

All the best,

Tyler MacGuire  e-PRO®, SFR

Broker Associate

Omni Real Estate Company

Mobile: 970-409-7779    

Web: www.tylermacguire.com

Email: tylermacguire@hotmail.com

          

“Your Guide to Summit County Real Estate”

Market Maintaining Momentum in 2012

            After a strong start to the New Year, the Summit County Real Estate Market has maintained momentum through February.  In February 2011 we saw 64 transactions with an average sales price of $503,988.  By comparison, in February 2012 the number of transactions dropped 7.8% to 59 while the average price rose by 20% to $613,183!!!

            Despite a drop in the number of transactions in February 2012 compared to February 2011, the year to date the number of transactions is still exceeding 2011.  Through the first two months of 2011 we saw 121 transactions with an average sales price of $488,632.  By comparison, in the first two months of 2012 the number of transactions is up 3.3% to 125 and the average price has come up 13% to $533,087!!!

            Looking forward, there are currently 148 transactions pending with an average list price (final sales prices are still unknown) of $542,040.  Furthermore, we still have 1,186 active listings which represents about a years worth of inventory.  Typically an inventory greater than 6 months is considered a Buyer’s Market but, with the number of transactions and average sales price on the rise, those who have been waiting for the market to bottom out may be well advised to act quickly.

            As always, if you have questions about this or anything else that relates to Summit County Real Estate, please feel free to contact me anytime at the information below.

           

All the best,

Tyler MacGuire  e-PRO®, SFR

Broker Associate

Omni Real Estate Company

Office: 970-468-2740

Mobile: 970-409-7779    

Web:www.tylermacguire.com

         

“Your Guide to Summit County Real Estate”

Disclaimer: The information contained herein is based solely on MLS data.