A real estate transaction in Colorado may differ in terms and process from another state in which you may have bought or sold a house in. Here is an overview of closing agents, also called settlement agents, and their role in Colorado real estate closings.
A settlement agent works for a title company. They are involved throughout the contract process and account for the transaction to assure money is collected, verified, and distributed in accordance with the contract. This settlement agent will be familiar with the contract from start to finish and call for payoff of loans, check for taxes, obtain property information like water; sewer; and HOA, and ensure that all the requirements on the title commitment are met.
The settlement agent informs buyers and sellers what each side needs in order to close. At closing, they will facilitate the exchange of money and deed to finalize the property sale, including signing and notarizing all necessary documents. Once all parties have signed, the settlement agent distributes funds to the seller(s), and pays off any known debts on the property. They notify the HOA of new ownership when necessary, and also handle transfer of related well permits and some public utilities.
In Durango, there are three title companies that can assist with closings: Colorado Title & Closing Services, Land Title Guaranteed, and Title Durango. Please let us know how we can assist with any of your real estate needs.