The Closing Process

The closing process is when all paperwork is signed, money changes hands, and the deal becomes “official.” Usually, the buyer, seller, Realtor, mortgage broker, and any other involved parties meet in a central location. In Colorado, this is usually in the office of a title company, and the process is overseen by a settlement agent. A few professionals have started experimenting with “virtual closings,” which are done completely online and with digital signatures.

At the closing, you will need a photo ID, as well as a certified check for the exact amount necessary for closing costs and down payment. Your Realtor or mortgage broker will advise you as to the precise amount. And you may as well leave your checkbook home—personal checks won’t cut it. Colorado’s “Good Funds Law” states that the disbursement of funds in closing cannot take place unless the funds have already been received and cleared ahead of time, or available for immediate withdrawal (such as in the case of a certified check or wire transfer).

The title company will prepare all the necessary documents and make sure everything is in place at the time of closing. Be prepared to sign your name dozens of times! We’ll let you know exactly what to expect at your closing when you buy your Denver real estate.