Land Title Guarantee Co. contributes $3,053 to CARHOF in 2009
DAILY NEWS STAFF REPORT
Land Title Guarantee Company of Summit County, Inc. has transferred $3,053 of earned interest from real-estate transaction earnest money deposits to Colorado Association of Realtors Housing Opportunity Foundation in 2009.
When a homebuyer delivers earnest money to purchase real estate, a real-estate agent or the title company deposits it into an interest-bearing account. By law, interest cannot be earned by the agent on this money. However, interest can be earned if a foundation exists that uses the money to promote affordable housing in Colorado. The few dollars of interest that accrue on each earnest money deposit while in escrow is pooled together with other interest and generates $300,000 to $500,000 annually in Colorado. All but 15 percent (which is used for administrative costs) goes back to the community to help support homeless shelters, down-payment assistance programs and other housing-related services.
Land Title Guarantee Company was proud to be the leader in the state of Colorado with CARHOF contributions that support our local housing community in 2008 with over $14,000 of contributed interest. Land Title also supports the other foundations funded by CARHOF such at Advocates for Victims of Assault and the Summit Prevention Alliance.
For more information on CARHOF, please visit http://www.CARHOF.org.
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