The Process: Steps 7 & 8 For Selling Your Home in Denver
Step #7: Preparing to Close
About a week prior to the scheduled closing, we will provide the date, time and place of the close. We will also stay in constant contact with the Buyer’s agent to make sure everything is on course for a successful close.
Expect the Buyer to enter the property to complete their final walk-through 1-2 days before the settlement date. This is to ensure that any items that were agreed to be fixed are now in working order as outlined in the contract and that corresponding receipts are readily available (per mutual agreement in the contract).
Settlement Sheet Review and Closing Costs
As soon as I receive a copy of the Settlement Sheet, we will review together to confirm its accuracy per the Contract.
Depending on how the Contract was initially structured and the type of loan (Conventional, FHA, or VA), the Seller might expect to pay for the following:
- Owner’s Title Policy and Extended Coverage Premiums
- Existing Loan Payoff(s), i.e. outstanding loan balance
- Release of Deed of Trust Process Fee(s)
- Pro-Rated Real Estate Taxes (taxes are paid in arrears in Colorado)
- Tax Certification
- Pro-Rated Water and Sewer (this will be held in an escrow account by the title company. You will be refunded any excess amount by mail following the settlement)
- Real Estate Closing Fee (usually split between Buyer and Seller)
- Courier Fees
- HOA Dues Proration, Transfer Fees, and Document Distribution
- Wire or Cashier’s Fee
- Escrow Set Up Fees
- Miscellaneous Recording Fees
- Listing and selling broker’s commission
- Home Owners Associations special assessments
Remember, this is a general overview and is subject to various factors, especially the type of loan.
And... Closing Day!
Following the review of the final settlement sheet, (prepared by the Title Company or attorney acting as the settlement agent), we will sit down with the Buyer, Buyer’s agent and the closer, which typically takes 1-2 hours. At this point, all documents will be reviewed and signed (as appropriate) by you, the Buyer and the respective agents. Following the disbursement of funds, the transfer of the title of ownership will occur via a new deed drafted by the closing agent. The settlement agent will then record the deed at the courthouse.