SB 23-047

Senate Bill 23-047 changes how real estate transactions are finalized in Colorado. It requires that any money meant for closing a property sale must be deposited into a trust account at least one business day before the scheduled closing date and confirmed as available right when the transaction happens. This bill, which has been signed into law, will start affecting real estate closings on September 1, 2024. It ensures that all funds are secure and ready to use during property sales, protecting buyers, sellers, and other involved parties.

Official Summary

The bill modifies the closing and settlement procedure for real estate transactions to ensure that the funds intended to be used at closing have been: Received and deposited into a trust account at least one business day before the scheduled closing; and Confirmed as deposited and available for immediate disbursement upon the settlement and closing of the real estate transaction. The bill takes effect September 1, 2024. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)