Closing is long, but read everything
Laura Olive
For The Coloradoan
    The closing is the culmination of the contract between buyer and seller. It involves the signing of documents and the exchange of money. Often it is intimidating to the buyer and seller.
    Who is at the closing? Typically the buyers, seller, Realtors for each, the closer of the title company and perhaps a lender attend the closing.
    The title company closer is charged with being sure that all the documents are properly signed, if necessary notarized, and that the correct amount of certified or cashier funds are collected. They may often close the new loan on the home too. The title company is insuring the title to the property being purchased. They have a vested interest in being sure that the documents are properly signed and that the loans or any liens against the property are properly paid for.
    The closing can take place in the listing brokerage firm's office or the title company office. The listing office typically determines this matter. If a mutually acceptable closing time can't be worked out, the buyer and seller can sign documents separately. No money would be disbursed until all the documents are signed and the money is collected.
    At times, the buyer or seller - or both - are out of town. In this case, the documents are shipped by overnight courier to them for signature if they do not have a local person acting as power of attorney for them.
    Often, prior to closing, the buyer will do a walkthrough on the home they are purchasing to be sure the home is in the same condition it was in when they contracted for it and any agreed to repairs have been completed.
    Typically a closing lasts 45-60 minutes. It is prudent to review what you will be signing and there is not time enough to do this properly at closing. Your Realtor can get a pre-closing package from the title company with copies of all the documents for your review a few days before.
    Buyers want to be sure their names are correct and that they are taking title correctly - joint, sole or tenants in common. The title company gets this information from your contract. Check your interest rate, loan amount and term for accuracy. Sometimes, it is difficult to get copies of your actual loan documents several days ahead. If you can get blank ones to read, you can then locate the place to check for these items. Buyers will have both a real estate and loan package to review.
    Sellers will have the real estate package to review. The seller's name of the document has been taken from the warranty deed of record from Larimer County. Also, included in the seller's package is a copy of the payoff statements for any loans you may have. Your closer will typically collect interest for a couple days after closing to insure they have enough money to pay off the loan. The payoff statement will itemize any late fees, shortages to the escrow, etc. Any interest overage collect at closing and monies left in the escrow account are returned to the seller approximately 30 days after the payoff is received by their lender.
    Sellers will want to bring their keys along with a photo ID to closing for the buyer. Leave additional keys, garage door openers and appliance manuals in the house. If the home is leased, bring the original lease to assign to the new owner, property check sheet and any other information that is pertinent to the new owner.
    Buyer should bring a photo ID, certified or cashier's check made payable to themselves which they will endorse to the title company and anything else the lender asked them to provide at closing. The types of things that a lender can request are proof of insurance for the new home, pay-stubs, and copies of the warranty deed and HUD, one for the home they just sold, etc.
    The closer will want to get the seller's new address to report it to the seller's lender so that they can receive the escrow funds and also receive the 1099-interest statement next January.
    If the buyers will not reside in the home, the closer will want their address to mail them the recorded warranty deed after closing and the title insurance policy. The buyer should generally expect the recorded warranty deed 30 days after closing and the title insurance policy 90 days after closing.