Water is a separate property right
Colorado runs on prior appropriation, and a water right is real property that can be bought, sold and moved independently of the land it once served. Owning ground next to a creek gives you no right to take from it. For a seller this is the most commonly missed item in a valuation: a parcel with an adjudicated, senior, transferable right can be worth a multiple of the same parcel without one, and owners frequently do not know which they have. Even a domestic exempt well is a permit with conditions attached rather than an automatic entitlement.