Upon the conclusion of the signing of the seemingly endless documents and distribution of the money, the transaction is officially closed, or sold.
Friday, January 6, 2012
Colorado is a "table funding" state for real estate transactions
In Colorado, we are what's called a "table funding" state. That means when your real estate transaction is closed (usually by a title company), all money is due and payable (in "good funds" of course; which includes cash, certified check or wire transfer) and title to the property is exchanged. In a typical situation, that means when the buyer brings money to the closing table (whether via a mortgage lender or cash) that money is then distributed to pay the liens against the property (i.e. the mortgage), the real estate brokers and/or attorneys, the title company, insurance company, and if there's money left over, the seller. Thus, the term "table funding". Ocassionally, the buyer will even walk away with money if they've obtained a 100% mortgage loan, which is the refund of their earnest money.
Upon the conclusion of the signing of the seemingly endless documents and distribution of the money, the transaction is officially closed, or sold.
Upon the conclusion of the signing of the seemingly endless documents and distribution of the money, the transaction is officially closed, or sold.
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In Colorado, we are what's called a "table funding" state. That means when your real estate transaction is closed (usually by... -
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