What to Expect at Closing
- The closer will greet clients and make copies of both the Buyer’s and the Seller’s required identification so they can notarize all signatures.
- The closer reviews the loan documents with the Buyer and has the Buyer sign the appropriate documents. This process usually takes about 40 minutes.
- Any funding conditions are sent to the lender and wait for approval/authorization number (this may add additional time).
- Real estate documents are reviewed for accuracy and signed, including the Warranty Deed which officially transfers title from the Seller to the Buyer (real estate side of the transaction).
- The Buyer and lender provide good funds to the title company.
- The closer distributes funds to the appropriate parties per the closing instructions from all parties.
- The closer offers two choices to all parties for how they would like to receive copies of their signed closing documents:
- Clients may receive paperless documents via email
- Clients may elect to receive paper copies of all documents before they leave the closing.
- The house keys are transferred.
- After the closing, the closing agent will immediately record the Warranty Deed, the Deed of Trust and any other pertinent documents with the county clerk’s office.
- The title policy is generally issued within 30 days of the closing. Remind Buyers that this is an important document to expect, and to file with other legal documents.
Checklist of items to bring to closing:
- All Buyers and Sellers must bring a government-issued ID – a valid driver’s license, a picture ID issued by the state, or a valid passport. If there has been a change in marital status, let your closer know immediately. The party whose name has changed will be asked to provide identification reflecting the new name, as well as a marriage license or divorce decree documenting the change; it is helpful to have these items prior to the closing, rather than at the closing table, so the closer can make sure all documents are prepared correctly.
- Lenders typically require Buyers to have a second form of ID as well, such as a library card or membership card.
- In the event of a deceased party, any Estate Documents as listed in our Title Commitment, such as Death Certificate, Letters of Appointment, or Personal Representative’s Deed.
- Colorado law requires that Buyers bring good funds to closing. Good funds can be a wire or cashier’s check made payable to Land Title Guarantee Company.
- Sellers need to know their Social Security number (or Tax Identification Number) to complete IRS documents at the closing table.
- The Seller typically brings house keys to give to the Buyer. Other items pertaining to the house are typically left in the house for the future Buyer.