What Happens at Closing When I Buy My First Home in Erie?

What happens at closing when you buy your first home in Erie, Colorado? Closing is the day the home officially becomes yours. You sign the final paperwork, the money changes hands, and you get the keys. Most of the real work happens in the weeks before that day, so the best way to feel calm at closing is to know what leads up to it.

Most first-time buyers tell me, "I don't even know what I don't know." That is a fair place to start. Nobody is born knowing what a closing looks like, and I would much rather explain it three times than have you walk in unsure.

I'm Carol, and Homes by Carol is my real estate practice here in Erie. Carol Vanlandingham is a REALTOR® with eXp Realty in Erie, Colorado, helping people through life transitions, downsizing, first homes and relocation across Erie, Boulder County and Northern Colorado. I have lived in this area for over 31 years and I have been licensed for 10. Before that I fixed and flipped houses, so I have seen plenty of closings from both sides of the table.

Closing is the last step of buying a home. On that day, the sale is finished and ownership moves from the seller to you. You sign the loan papers and the other documents, your money is sent where it needs to go, and the seller is paid. When it is all done, you get the keys.

I'm not a lender or an attorney, so for questions about your loan, your lender is the right person to ask. What I can do is walk you through the order of things and tell you who to talk to at each step.

Once your offer is accepted, there is a series of steps and deadlines before closing. They include the inspection, the appraisal and your loan approval. Your contract spells out the dates.

I keep track of those dates for you and tell you what is needed from you and when. If you want to see the whole path from your first meeting to closing day, my page on how I help you buy lays it out. If you want to know more about the earlier steps, I have written about what happens after your offer is accepted and how a home inspection works.

Here is the order I walk my buyers through. Your lender and the title company will give you the exact details for your closing, so treat this as the big picture.

Step 1: Your lender finishes your loan

Your lender needs to finish reviewing your file. They may ask you for one more document close to the end, and that is normal. Answer quickly. A slow reply can push your closing date.

Step 2: You see your final numbers ahead of time

Before closing, your lender and the title company send you the final numbers for your purchase. Read them early, not on closing day. If something does not look like what you expected, ask your lender about it right away. I am glad to look at it with you and tell you which questions to ask.

Step 3: You do a final walkthrough

I recommend a final walkthrough shortly before closing. This is a last look at the home to make sure it is in the condition you agreed to. If the seller agreed to repairs after the inspection, this is when you see whether they were done. Turn on lights, run the faucets, open and close the doors. If something is wrong, tell me right away so we can deal with it before you sign.

Step 4: You plan how your money gets there

Your lender or the title company will tell you how to send the money you owe at closing. Ask early, so you are not scrambling the day before.

One important habit to build: if you ever get an email with new instructions for sending money, do not trust it. Call the title company at a phone number you already know to confirm. Scammers sometimes pretend to be a title company and send fake instructions. A quick phone call protects you.

Step 5: You sign

Most documents can be signed electronically, so you may not need to be in a room for all of it. Your title company will tell you how your signing will work. Bring a photo ID, and ask the title company if there is anything else you need.

This is the part that sounds the most official, and it takes the least explaining. You read, you ask questions, you sign. Nobody should rush you, and you can ask what any page means.

Step 6: You get your keys

Once everything is signed and the money has been sent, the sale is complete and you get the keys. Some buyers go straight to the house. Some go to lunch first. Either is fine.

These are the ones I see most often.

• Taking on new debt. Do not open a new credit card, finance a car or make a big purchase before you close. Your lender may check your finances again near the end, and a change can cause trouble.
• Changing jobs without telling your lender. If something at work is changing, call your lender first.
• Skipping the final walkthrough. It is your last chance to catch a problem before you sign.
• Waiting to read the final numbers. Read them as soon as you get them, so there is time to ask questions.
• Trusting new wiring instructions by email. Always confirm by phone with a number you already have.
• Missing a request from your lender. Slow answers can delay closing. Check your email and your phone often in the last stretch.
• Being afraid to ask. If a page does not make sense, ask. That is what the closing table is for.

Call me right away. Sometimes a document is missing, a date needs to move, or the walkthrough turns up a surprise. Most of these can be handled, and handling them is easier when I hear about them early. I will go through your options with you, and you make the decision.

You have the keys, and you are a homeowner. I am still here, too. If you have a question about your home a month or a year later, call me. Real estate may be how we meet, but my hope is that what remains is trust.

After closing for a couple I helped move from Boulder to Erie, we got together for dinner to celebrate their new chapter. The paperwork may be finished, but the relationship is not. I would be glad to do the same with you.

What should I bring to closing?

Bring a photo ID, and ask your title company if there is anything else they need from you. They will tell you what to bring, and I will remind you.

Do I have to be there in person?

It depends on how your title company handles your signing. Most documents can be signed electronically, so ask them early how it will work for you.

What is the final walkthrough?

It is a last look at the home before you sign, to make sure it is in the condition you agreed to and that any agreed repairs were done. I recommend it for every buyer.

Who pays the closing costs?

Closing costs are part of buying a home, and your lender will give you an estimate of yours early in the process. Ask your lender to explain each line, and I am glad to help you understand the rest.

What if I have questions at the closing table?

Ask them. You can always pause and ask what a page means. I would rather you take a few extra minutes than sign something you do not understand.

If you are getting ready to buy and want to know what to expect from start to finish, my page for first-time buyers is a good place to start. To learn more about the town, visit my Erie page. When you are ready to talk, send me a note or call me at (303) 522-3130. I will explain each step before you reach it, and you can ask me anything, as many times as you need.