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Closing When Selling or Buying Your Crested Butte Home

December 17, 2018 By Chris Kopf

Closing When Selling or Buying Your Crested Butte HomeClosing When Selling or Buying Your Crested Butte Home

There are several things to consider for closing when selling or buying your Crested Butte home. Unlike other transactions that can be verbal contracts, real estate contracts must be reduced to writing, signed, notarized and recorded in the county. The closing will be a final representation of the contract documents for the buyer and seller to sign. The closing occurs on the closing date (and time) as specified in the Contract to Buy and Sell, and the money will change hands on the closing date (unless otherwise specified). All the documents must be signed and many must be notarized. It is typical that the buyer will take possession of the home “upon closing” and receive keys to the home once the title company declares the transaction is officially closed.

What the Title Company Does

It is customary for the title company to handle all aspects of the closing when selling or buying your Crested Butte home. They act as agents for the listing brokerage by holding the earnest money. They also act as the “scrivener” to prepare all the closing documents. The title company also acts as an agent for the lender if there is a loan, ensuring that all loan documents are signed, and funds are disbursed.

Different Disclosures When Selling Your Crested Butte Home

The title company will prepare and send out a Seller’s Settlement Statement and a Buyer’s Settlement Statement prior to closing. These show the purchase price, payoff of any loans, liens, assessments, commissions, all the pro-rations of monthly and yearly costs, taxes, HOA fees, trash, etc. The Seller’s Settlement Statement will show the purchase price and less expenses and the final net proceeds to the seller. The Buyer’s Settlement Statement will show the purchase price and the additional closing costs to be paid by the buyer, and the final cash at closing due by the buyer.

These settlement statement documents will be reviewed again at closing and signed by the seller and buyer. Time permitting, the title company will also disburse funds the day of closing, and also “record” the transaction with the county so that the public record (and the chain of title) is accurate.

Liability for Buyers With Closing

Days on Market When Selling Your Crested Butte HomeHopefully everything goes smoothly but some things can become complicated at closing when selling or buying your Crested Butte home. As a seller, you want to get your home under contract and close as soon as possible. The timing of the closing may create some challenges and be problematic. For example: it may be hard for you to get your stuff out on time. Or you may have scheduled a final family reunion at the mountain house during the time the buyer wants to close or you have short-term renters who booked the home, etc.

As a buyer this can also complicate things. These scenarios sound simple, and on the surface are no big deal, but they can create significant exposure and liability for the buyer. What if Aunt Betsy slips and falls on the ice, and sues you? What if the eight college students who are the short-term renters make a “totally awesome” fire in the fireplace that gets out of control and burns the house down? In such a case, it is best to move closing out one week. Or you should discuss these above scenarios with a competent real estate attorney.

Move Closing Up

Crested Butte Luxury CondoI recommend to all sellers to close as early as possible, and if the buyer wants to move closing up, do what you need to do to make that happen (even if it costs you money out of pocket). Things happen, people die, get cancer, planes hit buildings, markets crash… and then real estate deals fall through. It is unlikely, but better safe than sorry. Your priority is to close. You can take the money and rent a place for your family. I have has seen it happen that a seller lost more than $100,000 due to ‘stuff’. Avoid any situations like that by being as flexible as possible when to comes to closing when selling or buying your Crested Butte home. 

How can I help you with your Crested Butte Real Estate Needs?

Chris Kopf Author Real Estate Agent

Contact me to help you.  I have been in your shoes – as both a Second Home Buyer and Seller here in Crested Butte.

I have over 30 years of sales and marketing experience and am a top real estate agent in the mountain town of Crested Butte, Colorado representing affluent clients who are buying and selling their homes and properties.

If you are Buying your Crested Butte Home – click HERE to get a free copy of my Book The Complete Guide To BUYING Your Mountain Dream Home.

If you are Selling your Crested Butte Home – click HERE to get a free copy of my Book – The Complete Guide to SELLING Your Mountain Dream Home

To see Crested Butte Homes For Sale or search the MLS – visit ChrisKopf.com.

The Crested Butte Real Estate Market is very active. Click this link to see my monthly Crested Butte Real Estate Market Reports.

Chris Kopf
Broker / Owner
Global Luxury Property Specialist
Coldwell Banker Mountain Properties
Chris.Kopf@CBMP.com
(970) 209-5405

 

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Chris Kopf, Coldwell Banker Mountain Properties
305 6th Street
Crested Butte, CO 81224
  • Chris.Kopf@CBMP.com
  • (970) 209-5405

Testimonials

Bobby Nichols

"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "

 
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:45:19-07:00
"The first moment we met Chris, my wife and I knew he was all about what is happening in real estate sales in Crested Butte. He knows his job, the marketplace and the innovative ways to market your home in today's electronic internet space. A real professional that understood us and our needs in handling a very successful sales transaction. "  
https://chriskopf.com/testimonials/bobby-nichols/

Jeff Hollings

Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:46:48-07:00
Chris is outstanding! We recently bought a second home in Crested Butte and Chris did a great job throughout the whole process. He has a thorough understanding of the market and the benefits and drawbacks of various locations. He was very patient with us as our preferences evolved throughout the search. He gave us valuable information on which to negotiate the purchase. He had great follow-up during the inspection/closing process (when we were not in town) and made sure all of the commitments made by the seller were properly completed.
https://chriskopf.com/testimonials/jeff-hollings/

James Brennan

This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
Crested Butte Real Estate by Chris Kopf
2014-10-14T17:59:24-06:00
This was our first experience trying to purchase additional land with hopes of building a home. Chris was tremendously helpful throughout the entire process and his professionalism showed.
https://chriskopf.com/testimonials/james-brennan/

Jane Saltzman

Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:49:37-07:00
Chris was terrific to work with. The house sold faster then I ever expected! He was particularly helpful for this second home owner that couldn't always get there to take care of house issues. Thank you Chris!!!
https://chriskopf.com/testimonials/jane-saltzman/

Georges Lussier

The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:40-06:00
The thought of a short sale was intimidating, but Chris made the experience very easy with lots of guidance from start to finish. I would highly recommend Chris for any Real Estate need buying or selling.
https://chriskopf.com/testimonials/georges-lussier/

Frank Stringer

Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
Crested Butte Real Estate by Chris Kopf
2015-02-11T13:51:04-07:00
Chris Kopf is a wonderful person to work with on any real estate matter you may have in Crested Butte. He is extremely knowledgeable of all elements of the Crested Butte area. He helped us recently to buy a new second home in Skyland and the entire experience was first class under Chris's guidance. I would highly recommend him to anyone who has a real estate need in Crested Butte.
https://chriskopf.com/testimonials/frank-stringer/

Paul & Julie Keesee

Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:59-06:00
Chris was quite helpful in showing us homes in the area we were interested in and contacted us when new listings were available. We not only consider him our realtor but also a friend.
https://chriskopf.com/testimonials/paul-julie-keesee/

Jim & Sandra Wickham

Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:18-06:00
Chris' patience and persistence paid off for us in finding the right house for the right price. We would highly recommend Chris to any potential buyer.
https://chriskopf.com/testimonials/jim-sandra-wickham/

Tom & Mary Aton

It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:06:31-06:00
It was a great experience working with Chris, after showing me what I thought I wanted, he advised me of the pros and cons on the different condos and found one that I am thrilled with.
https://chriskopf.com/testimonials/tom-mary-aton/

Dan Aquaviva

This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
Crested Butte Real Estate by Chris Kopf
2014-10-14T18:05:26-06:00
This agent has a very strong knowledge of the local area. He was very helpful in screening properties for potential purchase.
https://chriskopf.com/testimonials/dan-aquaviva/
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Crested Butte Real Estate by Chris Kopf

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