Escrow & Title
In Colorado, the county public trustee's office plays a key role in:
AA. Appraisals of foreclosed properties
BB. Administering non-judicial foreclosure proceedings on deed of trust loans, including accepting the deed, providing notices, and conducting the public trustee sale✓ Correct
CC. Issuing title insurance policies
DD. Recording all real estate transactions
Explanation
Colorado's unique public trustee system places a neutral government official (the county public trustee) in the role of holding title under deeds of trust and administering non-judicial foreclosures. The public trustee accepts the deed of trust, provides legally required notices to all parties, sets the sale date, conducts the foreclosure auction, and issues the public trustee's deed to the successful bidder.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
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