Buying in Aspen is exciting, but the path from “under contract” to keys has a few local twists. City transfer taxes, HOA packets, and resort-style ownership types can change your timeline and closing costs. If you understand the steps and Aspen specifics, you can plan with confidence and avoid last‑minute surprises. This guide walks you through the process, what to expect in Pitkin County, and how to keep your closing on track. Let’s dive in.
What closing means in Aspen
Closing is the finish line where money changes hands, your deed records with Pitkin County, and you receive keys. In Colorado, title and escrow teams coordinate the process: they search title, issue a title commitment, clear issues, balance the settlement statement, collect any required transfer taxes, and record the deed. If you are financing, federal mortgage rules control the final scheduling, so timing your lender steps matters.
Two local items shape many Aspen closings: the City of Aspen real estate transfer taxes and HOA or condo requirements. Buyers inside city limits should expect a city transfer tax at closing unless an exemption applies. If the property is part of a condo or common‑interest community, you will receive a resale packet and status letter to review before moving forward.
Step-by-step: contract to keys
Days 0–3: Earnest money and loan start
- Deliver earnest money per your contract so escrow can open the file and log funds.
- If you are financing, apply for your loan right away so your lender can start disclosures and order the appraisal. Federal TRID rules require the Closing Disclosure to be delivered at least three business days before consummation, which can fix your final closing date. See the CFPB’s guidance on Closing Disclosure timing.
- Your agent or escrow orders the title search and, if needed, an ALTA/NSPS survey for boundary or easement questions.
Days 3–14: Disclosures, title commitment, inspections
- If there is an HOA or condo, request the resale packet and status letter right away. Turnaround varies by HOA and by the contract’s document deadlines.
- The title company issues a title commitment with Schedule A and Schedule B. Review it during your Title Objection window. For a plain‑English overview, read what a title commitment includes.
- Complete inspections and any due diligence. Unresolved issues can trigger objections or extensions under your contract.
Days 14–30: Curative work, HOA estoppel, appraisal
- The title team clears liens, orders payoffs, and prepares the deed and settlement documents. Some requirements take time, so respond quickly to requests.
- Escrow requests the HOA estoppel or status letter to confirm dues, transfer fees, special assessments, and violations. Response times vary and can cause delays. Learn what is typically included in an HOA estoppel or status letter.
- Your lender completes the appraisal and underwriting. Financing for resort condos, condotels, or fractional interests can require specialized programs. See examples of resort and non‑warrantable financing considerations.
Final 3 business days: Closing Disclosure and funds
- If you have a loan, you must receive your Closing Disclosure at least three business days before consummation per TRID. Any corrected disclosure that triggers the rule can move the date. Review the CFPB’s TRID FAQ.
- Escrow finalizes prorations and figures, including Pitkin County property taxes based on the county calendar. You can verify due dates and amounts using the Treasurer’s resources on Pitkin County’s site.
- Arrange your wire transfer using verified instructions from escrow. Always call a known phone number to confirm wiring details.
Closing day: Sign, record, receive keys
- You sign the deed, loan documents if financed, and settlement statements. Colorado allows Remote Online Notarization when accepted by your lender and title company. See the Secretary of State’s RON guidance.
- After funding, escrow submits your deed and any deed of trust for recording with Pitkin County. Review eRecording details and office hours on the county’s Recording page.
- The lender’s title policy typically issues at funding. Your owner’s title policy follows once recording is confirmed.
Aspen specifics that change timing
City of Aspen transfer taxes (RETT)
The City imposes transfer taxes on most free‑market sales within city limits. Buyers commonly pay this at closing. Your title company must collect the required forms and payment for recording. Review the rules and exemptions on the City’s Real Estate Transfer Taxes page.
Deed‑restricted workforce housing (APCHA)
Some Aspen and Pitkin County properties are deed‑restricted and managed by APCHA. Restrictions can limit who may buy, set occupancy rules, and change resale mechanics or timelines. These steps can add weeks, so identify them early. See local reporting that explains how APCHA restrictions shape transfers.
Condos, fractional interests, and rental programs
Many Aspen properties are condos or fractional interests. Some projects include mandatory rental pools or shared usage schedules. Financing options can be narrower for non‑warrantable or fractional products. Confirm what you are buying and whether your lender supports it.
HOA packets and fees
HOA resale packets and estoppel letters confirm dues, assessments, transfer fees, and violations. Turnaround times and rush fees vary. Slow responses often drive extension requests and can impact loan approval.
Seasonal volume and scheduling
Aspen’s market is seasonal, with heavy activity in peak ski and summer periods and around winter holidays. Title offices, HOA managers, and county staff may experience higher volume. Avoid tight Friday afternoon signings, and add buffer days around holiday weeks.
Your buyer checklist
- Ask for key documents early: seller’s property disclosure, latest property tax bill, recorded deed and legal description, recent utility bills, and any documents that support a transfer‑tax exemption.
- Order title work right away and confirm your Title Deadline. Review the title commitment and raise objections within the contract window.
- If condo or fractional: request the HOA resale packet and status letter on day one. Confirm any special assessments or rental‑program obligations.
- Financing check: verify that your lender will finance the specific property type. Ask whether a non‑warrantable or resort program is required.
- Transfer taxes and fees: confirm whether Aspen RETT applies and how it is allocated in your settlement statement per the contract.
- Property tax prorations: use county statements and due dates for accurate prorations. See the Pitkin County Treasurer for details.
- Survey and boundaries: if buying a single‑family home or large lot, consider an ALTA/NSPS survey if title exceptions reference easements or encroachments. Learn what to look for in a title commitment.
- Remote signing and funds: confirm if your lender and title company accept RON. Verify wire instructions by phone with escrow before sending funds.
Sample timeline
- Days 0–3: earnest money delivered, loan application submitted, title ordered, inspections scheduled.
- Days 3–14: title commitment and HOA packet requested and often delivered, inspections completed, objections raised if needed.
- Days 14–30: title curative work, appraisal, and underwriting; HOA estoppel and payoffs obtained. Allow extra time for complex or resort products.
- Days 21–45+: Closing Disclosure issued at least three business days before consummation, signing, funding, and recording with Pitkin County.
Avoid common delays
- Missing RETT paperwork or unclear transfer‑tax allocation.
- APCHA deed restrictions that require approvals or specific steps before transfer.
- HOA litigation, low reserves, or special assessments discovered late in the process.
- Fractional or mandatory rental programs that limit lender options.
- Unresolved title items such as prior liens, easement disputes, or permit issues.
A clear plan, fast document requests, and responsive communication with your lender and title team will keep you on track. If you anticipate seasonal volume or complex ownership structures, add extra buffer time on your contract deadlines and communicate early about any needed extensions.
Ready to plan a smooth Aspen closing? Connect with a trusted Colorado title partner that prioritizes security, clear communication, and convenient options like mobile and digital closings. Reach out to First Alliance Title to talk through your timeline and next steps.
FAQs
What is the Aspen RETT and who pays it?
- The City of Aspen real estate transfer taxes generally apply to most free‑market sales inside city limits and are typically paid by the buyer at closing. Review rules and exemptions on the City’s RETT page.
How are Pitkin County property taxes prorated at closing?
- Escrow prorates based on the county’s billing cycle and due dates. You can confirm amounts and timing using the Pitkin County Treasurer resources.
What is a title commitment and why review it?
- It is the title company’s roadmap of requirements and exceptions before issuing your policy. Review Schedules A and B and object within your contract window. See an overview of title commitments.
How does TRID affect my closing date if I have a loan?
- Your lender must deliver the Closing Disclosure at least three business days before consummation. Certain changes can restart the clock. See the CFPB’s TRID FAQ.
Can I sign Aspen closing documents remotely?
- Colorado allows Remote Online Notarization when accepted by the lender and title company, and Pitkin County supports eRecording. Confirm acceptance early. See the state’s RON guidance.
