Going to Closing, the buyer’s perspective
In Colorado, both the buyer and seller go to the title company on the closing day. The closing documents are signed, the money is transferred to the title company, who in turn pays the seller. The real estate is then transferred to the new owner. All this happens while sitting around the “closing table”.
Colorado is a “good funds state.” This means the buyer shows up with certified funds from the bank. If the buyer is getting financing, the lender wires the funds to the title company that day, hopefully prior to closing. Once the money has arrived, the closing can occur. If the money doesn’t arrive, there is no closing! No closing, no keys, you could end up sleeping in the moving van!
Out of state lenders who aren’t accustomed to working with specific time frames typically hold up closings. This puts the buyer at risk, because when the lender doesn’t perform, the buyer is “out of contract” and is at risk to lose the earnest money and the real estate!
Take time off for closing
Closing day is a special day that warrants time off from work. Typically a closing will take an hour and sometimes will go as long as 2 hours. You will need to bring a picture I.D. and a pen with lots of ink! Actually, the ink is supplied by the title company, you need to bring a well-rested wrist!
Title Companies work on a tight schedule, especially during high business times at the end of the month. Closing rooms may be scheduled by the hour, so it is important to arrive on time. If you are late, it could affect every other closing for the rest of the day!
Walk Through the Property
Colorado contracts provide for the buyer to have a “walk through” the property prior to closing. Typically this is done just before closing, either the morning of or night before. At the walk through the buyer is checking to see the seller has completed the request repairs (if any) and to see if the property is in a “like” condition as when the contract was first written.
Out of town?
Title Companies do “mail out closings” for buyers and sellers that cannot be present. If you cannot personally attend a closing, do not worry. Just be sure to tell your agent far enough in advance so the documents can be sent to you and returned to the title company in time for the closing.