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Mountain Living Real EstateMountain Living Real Estate

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Particulars of Summit County

Summit County ParticularsAs in every area, Summit County has some real estate related characteristics that could impact your buying decisions. These Summit County particulars may impact the area or neighborhood you choose to buy in, the price you are willing to pay or if a property is right for you. Because the impact can be significant, it’s important to know about them before you are under contract.

Pet Restrictions

Many condo complexes have homeowner’s associations that restrict pets from living in the complex. Others allow owners to have pets but renters cannot. Some owners enjoy bringing their dog with them when they come to town. In general, Summit County is a dog friendly area. But if you buy a condo somewhere like River Run Village at Keystone Resort you wouldn’t be allowed to keep your dog in your condo.

Transfer Tax

Some areas in Summit County charge a fee when a property changes ownership. That fee is known as a transfer tax. It can range from 1-2% of the purchase price and can be paid to the town or resort.  Who pays it is negotiable in the purchase contract. Buyers often take who is paying the tax into consideration when making their offer.

Private Transfer Tax

HOA ParticularsBeginning in 2012 the builder/developer is charged an additional fee when they apply for a permit. They have the option to waive paying the fee and instead impose a private transfer tax on the property. It’s a 1% transfer tax that is waived on the initial purchase of the home but every subsequent sale must pay.

Deed Restrictions

Some properties in Summit County have a restriction on the deed for the property designating that property for a working resident of the county or town.  Those are known as deed restricted properties. The restrictions vary from property to property. Some will dictate the owner must be a working resident, others will allow anyone to own it as long as a working resident lives there. Some have income limits for the owner. Sometimes there are appreciation caps allowing the property to appreciate no more than 2% or 5% per year. To buy a deed restricted property buyers have to be qualified with the Summit Housing Authority.

Working Capital Contribution

Many HOAs charge a working capital contribution when a property sells. Every HOA is different but here’s a typical example of one. At Closing, the buyer is required to pay the HOA a fee equal to three months worth of HOA dues. It does not count towards upcoming HOA dues but is a contribution to the working capital for the HOA. Sometimes that fee is refundable and you will get it back when you sell but generally it is not. In order to charge the fee it must be documented in the homeowner association documents.

Short Term Rental Restrictions and Requirements

Some HOAs do not allow short term rentals. Currently, many towns are imposing additional short term rental requirements. Owners that rent their properties have been required to collect sales tax and, in most areas, have a business license. Changes could include a local management company to handle complaints in less than one hour and a three strikes you’re out rule.

It’s important to know as many particulars as you can about the property you plan to purchase. If a Colorado Real Estate Commission contract is used, there is an opportunity to do your due diligence while under contract. With that said, knowing some of the particulars ahead of time is helpful.

 

About Us

Mountain Living Real Estate, a.k.a. The Mountain Living Team, is a family owned, second generation, real estate company that has been helping buyers and sellers in Summit County since the early 90’s.  Mountain Living Real Estate is committed to going above and beyond to ensure their clients have the most amazing real estate experience possible.  Jason & Meredith take a personal approach to educate their clients, empowering them to make high quality decisions no matter the situation.  They take exceptional care throughout the sales process and beyond; striving to make each client’s path in Summit County one filled with fun, excitement & great memories.

Work with Mountain Living Real Estate and you’ll understand why so many people say, “We Love Mountain Living!”

Testimonials

We were most impressed with their team work and insights. We enjoy working with Jason & Meredith. We trust them and know we can count on them. This is our 6th transaction with Mountain-Living!

David from Evergreen June 16, 2022

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Brad was most impressed with Jason for his honesty. He could think of nothing that he should or could have done to make the transaction better.

Brad from KS May 3, 2022

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Contact Us


Jason and Meredith Adams

Jason & Meredith Adams
Mountain Living Real Estate

101 Main St, #109, PO Box 4115 Frisco, CO 80443

(888) 666-0844
team@mountain-living.com

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Jason & Meredith Adams are both licensed to sell real estate in the state of Colorado

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