Missing! The Closing Process for Buyers

1. We will prepare the offer, you sign it (that can be done online
or in person) and we present it to the sellers or sellers agent;
2. The sellers have a precise time-frame (usually 2 calendar
days) to either accept, decline or counter offer;
3. You have another 2 calendar days to either accept, decline or
counter offer the sellers counter (this process might go back
and forth a couple of times until we have an executed
agreement that has been accepted by all parties).
4. Once we have a fully executed agreement I will send it to the
closing attorney.
5. He will send you instructions for the escrow deposit
(standard is 10% of the purchase price - usually you have 3
days to deposit it).
6. You will send the executed agreement to your mortgage
broker to start the loan application.
7. The bank will schedule an appraisal of the property (you
don’t’ need to be present for the inspection)
8. We will send your buyers application the condo association
for the approval of the sale.
9. We will request the sellers disclosure and condo docs for
your review.
10. We will schedule the inspections that will be conducted by a
professional building inspector. (you don’t’ need to be
present for the inspection)
11. He will prepare a 50 page report with pictures and repair
estimates for your review.
12. We will discuss the inspection report and if needed request a
“sellers discount” for any defects or repairs needed.
13. A week before closing we will make sure you have the condo
approval, the condo estoppel letter, the loan commitment
letter for the mortgage and the title insurance from the
attorney.
14. A couple of days before closing we will obtain a preliminary
closing statement (HUD statement) for your review. It will
contain the final sales price, your escrow deposit, the amount financed, prorations for condo maintenance, special assessment and property taxes, documents and stamp
taxes, and real estate commissions and the final cash balance needed to close.
15. After you review and everyone’s approval the attorney will
issue the final closing statement and send you the wire
instructions to deposit the balance to close.
16. CLOSING DAY: Everyone signs the closing documents, the
attorney disburses the funds to the seller, you get the keys.
You turn over utilities (FPL). The attorney records you deed
with the county and we deliver a copy to the condo
association together with your contact information for future
maintenance payments and emergency contacts.

COGRATULATIONS ON YOUR NEW HOME!