VAIL BOARD OF REALTORS®
REAL ESTATE DISCLOSURE CHECKLIST

Buyers of real property in the Vail Valley in Eagle County, Colorado are encouraged to investigate certain matters, in addition to those matters addressed in the Colorado Real Estate Commission-approved sales contract form.

1. Title Matters

a. Condition of Title The title insurance commitment described in §7 of the sales contract will contain important
information about the condition of title to the property. The contract [§7b] permits a buyer to obtain copies of recorded
documents that affect title. The sales contract imposes a deadline for you to object, in writing, to the information in the title
commitment and any other title documents provided by the seller or the title insurer. You should review the commitment and title documents promptly and to address any title concerns with the seller before the deadline in the sales contract.
b. Standard Exceptions The title insurance commitment may contain several “standard” exceptions to the title
insurance coverage. Most title insurers will delete these standard exceptions upon payment of a small additional premium and, in many cases, receipt of a current survey of the property. You should inquire further of your attorney or the title insurer on all title-related issues.

2. Zoning

a. Intended Use of the Property You should determine if your intended use of the property conforms with the applicable zoning and land use regulations. For further information, contact the community development department of the
governmental entity having jurisdiction over the property, i.e. the city, town or county. Relevant issues may include one or
more of the following:
(1.) Gross Ratio Floor Area (GRFA) Limitations
(2.) Building Envelopes and Setback Requirements
(3.) Height Limitations
(4.) Design Review Board Guidelines and Procedures
b. Protective Covenants If the title commitment indicates that the property is subject to protective covenants or is
part of an owner’s association, you should obtain a copy of the covenants or declaration from the title insurer and review it carefully before the deadline for objections to title matters. You are also encouraged to obtain from the association its most recent financial information and minutes from recent meetings of the members and directors, and to inquire of the association whether any special assessments are due or contemplated.

3. Physical Attributes of the Property

a. Size There are several different methods for measuring square footage of buildings. If actual square footage is
important, you should not rely totally on the square footage advertised. You should verify the square footage as part of your inspection or appraisal.
b. Survey You should obtain a current survey of the property. If the seller hasn’t provided a survey, you may contact a registered surveyor to arrange for a new survey. There are several different types of surveys, and you should discuss
with the surveyor the cost and type of survey that best meets your needs.
c. Soils Testing Depending upon your intended use of the property, you should consult a qualified soils engineer, because the condition of the soils could affect the potential development and use of the property and the cost of construction of improvements. Some properties in the Central Rockies contain expansive soils.
d. Wetlands If the property is near a waterway or contains wetland areas, it may be subject to severe development
limitations. For further information, contact the County Planning Department, a civil engineer, or the US Corps of Engineers.
e. Geologically Sensitive Areas A buyer should review the flood plain/debris flow and rockfall maps on file with
the city, town or county in which the property is located to verify whether the property is located in or near a geologically
sensitive area. Most areas in Eagle County require some level of geohazardous study before building is permitted. Location in a geologically sensitive area could affect whether improvements may be constructed on the property, and the cost and location of improvements. Flood plain/debris flow insurance is issued by the Federal Government (FEMA) and may be obtained through most private insurance agencies. Properties located within certain jurisdictions, including the Town of Vail, may qualify for a discount in the cost of this type of insurance.
f. Inspection of the Property You are encouraged to conduct a physical inspection of the property, either
personally or through a qualified home inspector. If you don’t make written objection to the physical condition of the property by the Inspection Objection Deadline [see §10a of the contract], you may be waiving a right to later object.
g. Radon Some properties may have elevated levels of radon. You are encouraged to test the property for the
presence of radon as part of the physical inspection of the property provided in §10 of your contract. For more information, visit www.epa.gov/iaq/radon/images/consguid.pdf.
h. Mold Some homes may have toxic mold inside the walls and mechanical systems, and you are encouraged to
instruct your home inspector to search and test for the presence of any mold. Further information on moisture and mold may be obtained by reading the brochure “A Brief Guide to Mold, Moisture, and Your Home”, which is available from the Environmental Protection Agency on line at www.epa.gov/iaq/molds/moldguide.html.
i. Utilities You should verify with utility providers the availability and immediate accessibility of water, sewer,
electricity, gas, phone service, cable television, high-speed internet service, and any other utilities that are important to you.
j. Wells and Permits If the property uses water from a well, you should obtain a copy of the well permit from the
seller prior to the Inspection Objection Deadline, and should also make sure the use of the well conforms to the type of permit. For more information on well usage, or if a copy of the well permit is not available, you should contact an attorney, a water engineer, or the Colorado Division of Water Resources in Denver. Buyers are also encouraged to check the water quality and capacity of the well. For assistance with wells, contact a private well servicing company or the town or county environmental health department. After closing, you should submit a change of ownership form to the Division of Water Resources, using Form No. GWS-11. For information and forms on line, go to the Division’s website at www.water.state.co.us.
k. Septic Systems If the property is served by a septic system, you should obtain a copy of the septic permit from
the county environmental health department. You are encouraged to test the efficiency of the septic system by contacting a
qualified engineer or septic system servicing company.

4. General Considerations

a. Transfer Tax or Assessment Sale of property located within certain town and developments in Eagle County
are subject to payment of a real estate transfer tax or assessment of 1% or more of the gross sales price. The sales contract prescribes in §14 who will pay the tax or assessment at closing. As of June 2003, the following jurisdictions impose such transfer tax or assessments:
Arrowhead 1% Eagle Ranch 1%
Town of Avon (includes Wildridge)* 2% Town of Gypsum 1%
Bachelor Gulch 2% Town of Minturn 1%
Brett Ranch 1% Town of Red Cliff 1%
Beaver Creek Resort 2.5% Town of Vail 1%
Cordillera 1%

*First-time buyers may be eligible for an exemption of the first $160,000 of the purchase price.
You should check with the governmental authority having jurisdiction over the property to ascertain any changes in
applicable transfer taxes or assessments.

b. Road Maintenance You are encouraged to inquire about the responsibility for public or private maintenance of
the roads serving the property. Some roads are not maintained on a year-round basis. For more information, contact the
county road and bridge office or, if inside a city or town, the municipal public works department.
c. Rental Income If the property is to be used for the production of rental income, you are advised that rental
income varies greatly from season to season and from year to year. Many factors can affect future rental income; rental income figures for past years and projections for future years may not accurately reflect future performance. A local rental
management company may be able to provide you with comparable rental income figures.
d. Homeowner’s Warranties Homeowner warranties may be available from private companies for a fee. If you are
interested in obtaining such a warranty, you should inquire directly with a warranty provider prior to closing.
e. Availability of Amenities Location of the property near amenities such as a golf course, tennis court, swimming
pool, spa, or clubhouse, does not necessarily mean that you will have the right to use any of these amenities. If any of these amenities is important to you, you should verify during the inspection period the right to use them and any membership requirements.
f. Schools and Local Services Public schools in Eagle County are governed by the Eagle County School District;
school locations and contact information can be found at www.eagle-county.com/school_systems.cfm. Medical, emergency, and business information can be found at www.eagle-county.com/index.cfm.
g. Availability of Property Insurance Property insurance may not be readily available on some properties. You
should secure an insurance commitment from a local insurance agent before the Off-Record Matters Objection Deadline.

This Real Estate Disclosure Checklist is intended as an informational tool for buyers, who should consult with
qualified parties on these and any other matters that are of concern.

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