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EP – 14 Jesse’s Signature Takes

 

What can you expect as a buyer under contract on a property in Crested Butte. First, a little celebration is in order because you found an awesome property and we successfully negotiated a mutually executed contract with the seller. The next step is depositing your earnest money with the title company of choice that was negotiated in the contract. What is Earnest Money? That is your financial promise to the sellers that you will work diligently towards a successful closing. These funds are applied to your closing. There are a lot of more details regarding earnest money that I will cover in another episode. The title company holds the funds until closing or both parties agree to release them. Next, if you are getting financing in order to purchase the property, you need to submit your loan application with your chosen lender. Remember, it is very important to have the lender selected and a pre-approval letter received prior to making an offer. If you’re purchasing a residential property, you have the right to get an inspection done. I will provide you a list of all the local inspectors and assist with the scheduling. You are always welcome and encouraged to attend the inspection. Also, whether or not the property is residential, it is likely that you will need an Improvement Location Certificate. It is negotiable in the contract on who pays for this. We will need to have a certified surveyor scheduled to create the ILC. Next, we will receive the Title Commitment, Disclosures and any documents in the seller’s possession that pertain to the property. A title commitment is the document by which a title insurer discloses to all parties connected with a particular real estate transaction all the liens, defects, and burdens and obligations that affect the subject property. It lists all requirements that must be met before closing, like loan payoffs and trust or corporation documents. At this point, we have likely received the inspection report from the inspector. You will have the chance to review the report and may be able to request repairs from the seller. It is important to know that the Colorado Real Estate contract states that the property is being sold in AS-IS condition. The Seller has the right to refuse any repair requests. However, we would submit an Inspection Objection to the seller stating your requests and they will respond to us with an Inspection Resolution. Your lender is responsible for ordering the Appraisal and once that is received they will allow you to review it as well as the underwriting team. If you are paying cash, you still have the opportunity to have an appraisal done if you so desire. You will need to secure Homeowner’s insurance if you’re buying residential property and your lender will require the policy in order to provide final loan approval The final steps are approaching at this point! We will receive a call from your lender that the loan is cleared to close!! This is when it really gets exciting! Now is the time to set up all of your accounts with the local utility companies, schedule movers, engage with any possible property managers if that is something that is needed. And finally, the fun part is here, signing all of the closing documents with the Title Company. It is very common here in Crested Butte that buyers aren’t able to attend the closing locally. If this is the case, the title company will overnight the documents to you to autograph, notarize and overnight back. Once your final funds are received and the fully executed documents are recorded with Gunnison County, we can officially start celebrating!! The process is designed to be as simple as possible but it rarely is! That is why it is important to work with an experienced Realtor to help you navigate through the process and avoid any potential pitfalls.