Closing Process
When the Buyer has entered into a Purchase and Sale Agreement with the Seller, the agreement is submitted to the title company along with the earnest money check. In the interim, the following timelines are:
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Second earnest money deposit due at framing of building.
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Periodic updates and photographs of building progress will be sent to the Buyer.
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Buyer needs to start securing financing.
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Buyer will receive a written notification letter of their closing timeframe.
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Buyer responds to Closing Manager and their closing date is set.
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Closing by mail, the Buyer will receive all documents via Fed-Ex a couple of days prior to the closing date. Buyer will sign closing papers and have the documents notarized that are indicated in the closing packet. Buyer should return the closing packet so it arrives on or before the designated closing date.
Closing in person, the Buyer will be informed by the Closing Manager of the designated place. Buyer will bring the necessary funds to close the transaction or the money can be wired into the title company.
The Buyer will meet with the Owner Experience Coordinator after closing to do their orientation of their new home. For the Buyers that have chosen to close via Fed-Ex, their orientation will be scheduled for a later date.
For more information, please contact our Closing Coordinator, Pauline Suite by email: psuite@intrawest.com
Closing Process Frequently Asked Questions
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What are my options for closing the transaction?
You have the option to close by mail or in person. If you are planning to attend the closing in person, the Closing Manager will set a time with the title company. A mail closing is done using Federal Express. The documents are sent out a few days ahead of time from the title company to ensure that they are received back on the day that is designated for closing.
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Who pays the title insurance?
The seller incurs the cost of the title insurance. If the buyer is obtaining a loan, the buyer is responsible for paying the lenders policy.
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What is title insurance?
Title insurance is provided to ensure that the property being purchased has a clear title and there are no liens on it.
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How much money will I need to bring to closing?
The title company will prepare the final settlement statement. The amount of money that will be required to close will be stated on the settlement statement. If you are obtaining a loan, the title company will prepare the settlement statement after receiving your lender’s figures. Settlement statements are prepared as soon as the title company has all the information needed. “Good Funds” are required at the time of closing, meaning a wire transfer of the money to the title company or a Cashier’s Check.
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How much will my HOA dues be?
This amount should be discussed with you at the time you are signing your contract with your sales specialists. If you are given an estimated amount, the exact figure will be available when your closing date is set up with the Closing Manager.
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What if only one person can attend the closing and there are multiple buyers?
The person attending can sign for all parties with a Power of Attorney, prepared by the title company. The original signed and notarized Power of Attorney from each of the buyers must be returned to the title company at or prior to the closing.
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When do I pay property taxes?
Property taxes in Colorado are paid in the arrears (i.e. the tax statement received in 2006 is for the 2005 property taxes). The taxes will be prorated to the date of closing on the settlement statement. The seller will be debited and the buyer credited. The buyer will then be responsible to pay the total tax bill for the year when it comes due.
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When will I receive keys to my unit?
Keys will be issued to you the day of closing if you are not planning to put your property on the rental program. Purchasers who plan to rent their property will not be issued keys. They will have to check in at Guest Lodging and obtain a key for time they are using their unit.
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Who do I contact if I have questions regarding my closing process?
Our Closing Coordinator is Pauline Suite and she may be reached directly at 604-697-6325. Please do not hesitate to contact her with any questions or concerns that you may have.
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Do I need an attorney to review my closing documents?
The State of Colorado does not require an attorney be involved in the closing transaction. If you would like an attorney to review your closing documents, you would be responsible for making those arrangements. We cannot advise you on any tax or legal matters.
