Correction Statement and Agreement Colorado Form
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People also ask
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Who is responsible for the closing statement?
Preparing and receiving the closing statement Closing statements are prepared by closing agents, who help facilitate the sale of a property. Typically, closing agents are real estate attorneys, title companies or escrow officers. Closing statements must be issued at least three business days before closing.
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Who pays Colorado documentary fee?
Unlike other states, in Colorado, the buyer is typically responsible for documentary fee, or transfer tax. However, the buyer and seller have the option to come up with an agreement to determine who pays what.
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How to correct a deed in Colorado?
In Colorado, a previously recorded deed can be corrected by recording a second deed, called a correction or corrective deed. The sole purpose of a correction or corrective deed is to prevent potential title flaws, which may create problems when the current owner attempts to sell the real property.
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How is the Colorado documentary fee recorded on the closing worksheet for a new conventional loan?
NOTE: The documentary fee is collected from the buyer by the lender, so it's debited to the buyer on the worksheet with no corresponding credit noted. *What must a title company have in order to legally perform closings?
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Who owns the property on the day of closing in Colorado?
In the Commission-approved Colorado contract forms, the buyer owns the property all day on the day of closing. On the Colorado portion of the broker licensing examination, all prorations (unless otherwise stated) are based on a 365-day year and/or the actual number of calendar days in the specific month.
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Whose closing statement would normally include the Colorado documentary fee?
Whose closing statement would normally include the Colorado documentary fee? The documentary fee is collected by the clerk and recorder, so the buyer/grantee typically pays this fee as part of recording the deed.
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