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FAQ: Page 2
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Do I need title insurance?
Yes, any Real Estate transaction should include the purchace of title insurance.
to visit Colorado Title's website.
What is the difference between daily interest and monthly interest??
Daily interest is charged by the day and like renting money. It works well if payments are made early each month. Interest is paid everyday past the due date, even if there's a grace period in the terms of the contract. Monthly interest is charged per month and the balance is reduced whether payments are made early, on time, or late. The grace period is without penalty.
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How are my original documents stored?
All original Notes, Deeds of Trust, Stock Certificates, etc. are kept in our safety deposit box off-site.
Is the interest paid reported to the IRS?
Rocky Mountain Escrow reports all borrower paid interest annually. We send annual statements to both buyer and seller at year-end