What To Expect At Your Boulder Real Estate Closing
The final day of the real estate transaction is closing. What to expect?By the time of your real estate closing, you will have done your final walk through and reviewed all the documents. At the closing table, it is generally all smiles. You will need to bring an ID, the final funds in a cashier’s check or wire and your good spirits to sign, sign, sign.
In The Ultimate Language of Real Estate author John Reilly defines closing as, “The consummation of a real estate transaction, when the seller delivers title to the buyer in exchange for payment by the buyer of the purchase price.”Generally all parties attend the real estate closing: buyer, seller and their Realtors, sometimes an insurance agent for the buyer, occasionally a lawyer for one or both parties, the title representative, family members and the mortgage lender for the buyer.
Title Company Closes Real Estate Deal
Real estate closings in Boulder, Colorado, generally take place at a Title company. The closing processs is handled by a professional closing agent who specialize in going over all the necessary paperwork. The closer’s job is to make certain the buyer and seller understand all the information that is presented. As the agent for my client. The Realtors are there to answer any last minute questions and sometimes negotiate changes at the closing table.
Sixty Minute Real Estate Closing Process
Your real estate closing takes about sixty minutes. It is common for some of the parties to a contract to not be present. Colorado allows participants to sign by mail-out. In that scenario, the title company sends all the necessary paperwork via an overnight mailing service to the client; the client signs with a notary public present and the paperwork is sent overnight delivery back to the title company. A participant to the closing can also assign a limited power of attorney (POA) to a family member or friend to sign on their behalf. Closings with a POA can take much longer as the extra signature and language required by the title company can be time consuming.
Sales Fund At The Table
We are a table funding state in Colorado. At the completion of the real estate closing, the lien holders are paid off, the seller is given the proceeds of the transaction and the buyer receives the keys to the home. There is no further escrow period to complete the financial transaction.
Just prior to the closing, it is always good to do a final walk through of the property. This is one last opportunity to visually inspect the home. On one occasion, we noticed a window that was broken from the seller moving out — and had the seller write a check for this just as we closed.
In addition to the formal actions of closing, sellers and buyers sometimes have the opportunity to share personal information such as information about friendly neighbors, the block party every year – be sure to have so and so’s pound cake, it is to die for! Then, it’s time to head home to your new home or if you are the seller, off to your next closing to purchase your new home.