The Big Day Arrives
So, what to expect when closing your Colorado home? The process is fairly straight forward. We’ll be meeting at the Title company for the closing (although sometimes this might be rescheduled to a real estate office).
The closing itself only takes about sixty to ninety minutes. You will need to bring positive ID and your final payment. That payment for closing your Colorado home is generally made by wire transfer. There is some fraud occurring in the industry, so be sure to contact the Title company directly (by phone, in person) to best protect yourself.
We will be with the Seller (most of the time), their Realtor and the Title Officer in the same room. So good opportunity to ask about the community, schools, neighbors (who bakes the best pie!), favorite hiking trails or quirks of the home.
Escrow And Colorado
Some states have an escrow process. Here in Colorado when you close, the Home Buyer get the keys, the Home Seller gets the proceeds. The Title company will pay off all existing mortgages and debts. Be sure to review the Title policy to understand all Seller requirements to clearing title to the Buyer.
The closing documents will account for the buyer’s earnest money, Seller’s liens, transfer fees, HOA expenses – everything financial.
Rent Back Period
In some transactions, the Seller is not immediately giving possession. The Buyer will still receive a key to their new home. A rent back period has become more and more prevalent in the Boulder Colorado housing market as the Sellers Market has lengthened.
Final Walk Through Prior To Closing Your Colorado Home
Buyers are entitled to a Final Walk Through, generally the day before or day of closing your Colorado home sale. Owners are always well advised to make this experience as inviting as possible. Leave all lights on, clear a pathway if there are moving boxes, remove pets. You don’t want the buyer to get anxious at the last moment.
Meanwhile, the purchaser has an opportunity to quickly inspect the property – is anything amiss such as a broken window or water stained floors that appear since we went under contract. The walk through is generally brief.
Back To The Closing
Once we all gather at the closing table, the title officer will walk through documents for buyer and seller, getting signatures along the way. If you want to review the documents in detail, best to do this in the days before the actual closing.
You’ll be signing a number of documents. Once everything is signed, the Title officer will ensure lending conditions are met (for transactions with a loan) and that the wire has arrived (for transactions with a wire coming in).
The Title officer will also make copies of everything you signed if you want a paper copy or can simply send you an email of everything that you can electronically store.
And that’s it. Start to finish, closing your Colorado home should only take about 90 minutes max. Maybe a little faster for an all cash transaction. Congrats!
Boulder Real Estate News Recommends
Here is a comprehensive post on your closing checklist from Bill Gassett. Before y0u can get to that closing table, consider staging your house for maximum exposure. Karen in Frederick writes about what to avoid. And of course, give me a shout to help you with your home sale – click here now.