We have a few clients who move to Colorado from out of state, and since we're in Aruba at the moment, we thought it would be a great time to discuss what needs to happen when you are closing on a new Northern Colorado home from a different state or country!
First, if you are closing on a home in Colorado, or you are closing on a home in another state, always check the state laws for Realtors so you know exactly what to do when faced with this situation. We can help you navigate the mountain of paperwork that is needed for all Real Estate closings, but for your own peace of mind, make sure that you know every step of the process.
Your responsibility as a home buyer or seller is to apprise all parties of your intentions to close remotely. This would include your mortgage lender, your title company, of course your Realtor, and all other parties involved in the transaction.
If you would rather give power of attorney to a person or company of your choosing, that can be arranged prior to the closing. They would of course need to be in close contact with your Realtor, title company, and lender to insure everyone is on the same page.
Some other things to keep in the front of your mind:
1. Make sure that you know how you or another party will deliver the closing documents on the day of closing. If you are faxing them from out of state, you may be required to provide a notary on the documents, so check on that before hand. Docusign can suffice for some documents (but not Purchase or Sale documents), so check what documents require an actual or e-signature.
2. Any money that is required to close on the home must be either wired or given to a power of attorney to present at the closing. It's highly recommended to make this your first priority, as if you don't have a check or wire to present at closing, the transaction has a high probability of falling through.
3. If you are signing any closing documents that require an actual signature (versus a faxed document), make sure to overnight any documents to your title company or power of attorney.
If you have any questions about closing remotely, simply contact me and I can speak with you about how it's properly done. I look forward to helping you buy or sell your home in Fort Collins and Northern Colorado!
I'm Brad, owner of Colorado Real Estate Pros. This blog will talk more about my day-to-day as a Fort Collins Realtor, and my life as well. Enjoy!