Closing on a home purchase in Colorado

The closing -- typically -- is when the buyer and the seller (and their agents) come together at a title insurance company to complete all the paperwork, exchange keys, make final payments and finalize the real estate transaction. The date of the closing is set in the sales contract. This is also usually the date for prorations of everything from taxes to HOA dues.

As the buyer, you will not only have some real estate transfer papers to sign, but probably a stack of mortgage papers as well. Among all the paperwork, you will review and sign a buyer's settlement statement, which you will probably have already reviewed with your real estate agent before the closing. This is the official document that explains your debts and credits and the net amount of money you will need to bring to the closing (usually in form of a cashier's check) to complete the transaction.

The closer, the person who oversees and notarizes the paperwork, is usually an employee of the title insurance company and they can usually explain very well all of the papers you and the seller(s) will sign. Your real estate agent will be at the closing and hopefully everything will go smoothly and be done in about one hour.

Step 8: Moving In...