Vail, CO
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- Vail InDEED, the Town’s new deed restriction purchase program, is created to incentivize homeowners and real estate buyers/sellers to deed restrict their property to help the Town meet the 2027 Housing Strategic Plan goal of acquiring an additional 1,000 deed restricted units by the year 2027 and helps to reach the goal of maintaining and sustaining homes for residents within the community.
- If you are interested in purchasing, investing, remodeling, selling, or taking a vacation and live or want to live in Vail then you are eligible to apply for funds. In exchange the Town receives a recorded deed restriction on a Vail property.
- No. The Town cannot record a deed restriction on rights of first refusal.
- Deed Restriction Purchase Agreement
Deed Restriction Agreement
Subordination Agreement, required for properties with existing mortgages - The Town’s goal is to maintain and sustain community for residents especially for employee residential housing. When you deed restrict your property you help to achieve this goal for the community. You may use the funds received from the sale of the deed restriction for any purpose.
- We recommend you speak to a financial or legal advisor with regard to any financial any ownership implications.
- Yes. The banks listed below are familiar with the Town of Vail Deed Restrictions.
- Academy Bank
- Alpine Bank
- ANB Bank
- The Andrews Team, Elizabeth Andrews
- BOK Financial Mortgage, Alex Barcza
- Central Rockies Mortgage, William Desportes, Robert Grems , and David Lau, 970-845-7000
- Eagle One Financial, LLC, Chris Neuswanger 970-748-0342
- FirstBank Vail
- First Western Trust, Scott Prince 970-471-9235
- Guaranteed Rate, Cris Nelson 970-748-0342
- Security National Mortgage, Bonnie Marlette 970-331-2919
- Yes you may rent the unit. Requirements for tenants and owners are the same. The unit must be used as the individual’s primary residence and they must work a minimum of 30 hours per week in Eagle County.
- Yes you may rent the unit. Requirements for tenants and owners are the same. The unit must be used as the individual’s primary residence and they must work a minimum of 30 hours per week in Eagle County.
- Yes you can use a realtor of your choosing and you are responsible for any incurred costs. The Vail InDEED program does not go through the Town for re-sales nor is there a price appreciation cap.
- There are no restrictions regarding citizenship. The only requirement is to ensure compliance with the Housing Guidelines occupancy requirement.
- Apply using the application below. Your request will be forwarded to the Housing Department and the Vail Local Housing Authority (the Board) for review.
- The Board reviews 10 criteria, listed below to make a determination.
The following criteria and findings shall be used by the Board when determining whether to acquire a deed restriction:- Supports and maintains a permanent year- round resident population that grows a diverse community where a wide range of demographics, economics, occupations and family household sizes are served.
- Furthers the goal adopted in the Vail Housing 2027 Strategic Plan
- Consistent with the housing policies adopted by the Vail Town Council for the acquisition of deed restrictions for resident housing
- Demonstrated demand exists within the resident housing market for the type of residential product ( studio, flat, townhome, duplex, single family, etc.) that is to be deed restricted
- Fulfills a demonstrated need within a defined segment (i.e. for rent, for sale, owner occupied, etc.) of the residential property market.
- Demonstrates a quantifiable return on investment based upon the conclusions of the Economic Value of the Town' s Investment in Employee Housing Report, prepared by BBC, dated March 12, 2012
- The market value of the deed restriction is comparable in value to other existing deed restrictions within the community as demonstrated by a licensed real estate appraiser
- Most cost effective and efficient use of the Town' s limited supply of financial resources
- Fair market value is paid for the deed restriction relative to current market conditions (i.e. supply & demand)
- The Town will use the following methods to determine fair value of your property:
- Using comparisons from two properties side by side property values from most recent sale.
- Town Staff will review Eagle County Assessor recent sale information for similar properties.
- Schedule an Appraisal in case of a property purchase.
- Determined through owner and Board negotiation.
- There is no limit on the number or properties an individual can deed restrict.
- The amount awarded will depend on your circumstances, what your request is and how your property meets the review criteria.
- Once the Board approves the request a Notice of Deed Restriction Purchase Agreement will be signed with you and the Town of Vail. Funds will be requested from finance and a check generated, generally 2-3 weeks. The Town will work with you regarding when and how funds are routed to you.
The Notice of Deed Restriction Purchase Agreement states the Town and you are entering into an agreement, money for a deed restriction on a specific property. The requirement is to record a deed restriction. - Deed Restricted unit sales are exempt from the real estate transfer tax (RETT). The buyer or seller must apply for an exemption approval by the Town of Vail. As a property owner you are responsible for all other taxes, including property tax.
- 1) The property must be occupied as a primary residence by individuals who work a minimum of 30 hours per week in Eagle County.
2) The deed restriction does not impose an appreciation cap. - Deed restrictions remain with the property for all future property sales.
- A deed restriction is an agreement that restricts the use of a property in some way. A deed restriction will be recorded on your property in exchange for some amount of funding from the Vail InDEED program.