Participants in a Boulder Home Closing
Up until recently, closings looked much the same. The buyers, sellers, various Realtors, mortgage lender, title officer and occasional lawyer would all cram into one space. Sometimes adding to this would be children, bored to tears and playing with a handful of well worn toys or more recently, engrossed on an iPad. Nowadays the curbside closing is changing everything!
- Handling the closing from start to finish is the TITLE AGENT. Tasks include verifying identities, collecting and disbursing funds, review all paperwork.
- REAL ESTATE AGENT is present for each party. Available to answer questions, address issues, celebrate the moment!
- MORTGAGE LOAN PROFESSIONAL usually attends and sometimes will close the mortgage note portion. Last minute issues can occur – read on for an example of that. And Final Approvals are usually required to release funds at the closing table in Boulder Colorado.
- BOULDER HOME SELLER and HOME BUYER. Well, sometimes just one party or both. This is the moment when everyone executes all the paperwork, the buyer gets the keys, the seller receives the proceeds after mortgages and closing expenses are paid in full.
Traditional In Person Closing
I think even this model started to change before the pandemic. It started to instead become common for one party to close this day, the other that day. Not in an attempt to avoid one another, but merely because it was most convenient. In fact, some clients with few documents to execute – cash buyers especially – would just as soon executed everything remotely. How to close your home continues to evolve in the day and age of the covid pandemic.
The new normal is the curbside close on your home dance. Rather than enter the title company office, you simply drive up and park. A title representative brings stacks of documents neatly arranged on clipboards to you. Masked, off course. You then sign away in your automobile. Most of the time, this goes off without a hitch. The downside being, no one is describing each document as you execute it.
This week I got to participate first hand in a curbside closing at First American Title in Boulder Colorado. And, there was an issue. As I was signing away, I noticed the unit number was missing on some of the documentation. I called the title office and my mortgage lender. Sure enough, this was an issue. It was quickly resolved and the title agent hustled out shortly thereafter with a new bundle of documents, correctly labeled this time! It added some time to my closing, but it was no big deal.
What To Bring To Your Closing
No need to bring your favorite pen. In fact, frequently the title companies are really specific about the pens you sign with. You will need positive identification, such as a driver’s license or passport. You’ll also need certified funds for the closing. This could be a cashier’s check or wired funds. Be sure to use precautions recommended by your Realtor, Mortgage agent and title company to avoid wire fraud.
Documents Executed At Closing
There are a lot of documents to sign when closing on your new home. I know, I was just doing a curbside closing for a mortgage refinance and it was still a lot of paperwork to review and execute. You’ll be reviewing paperwork for the deed, tax declarations, mortgage paperwork, two column worksheets and more. For a full list of closing documents, give me a shout to discuss the Boulder home buying process.
Drive Up And Call To Check In
The home curbside closing is a lot like picking up food at your favorite (hopefully still open) Boulder eatery. You simply drive up to the title company. Make a call to let them know you are out front and which car is yours. Then, the title officer brings the necessary documents. You sign all the paperwork and call the title agent back to your car. If you have questions about a particular document, the title officer can walk you through it.
There is no contact, you never have to go into the office. In this day and age of the covid pandemic and face masks and social distancing, the curbside real estate closing offers a new take on an integral part of your home buying experience.