Missing! The Closing Process

1. We receive the written offer and present it to you or your
agent;
2. You 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 buyers 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 it will be sent it to the
closing attorney.
5. He will send the instructions for the escrow deposit to the buyers
(standard is 10% of the purchase price - usually they have 3
days to deposit it).
6. They will send the executed agreement to their 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 or the buyers agent will send the buyers application to the
condo association for the approval of the sale.
9. We will provide the sellers disclosure and condo docs for the
buyers review.
10. We or the buyers broker will schedule the inspections that
will be conducted by a professional building inspector. (you
don’t’ need to be present for the inspection).
11. The inspector will prepare a 50 page report with pictures and
repair estimates.
12. We or the buyers agent will discuss the inspection report with
the buyers and if needed they will request a “sellers
discount” for any defects or repairs needed. We will
negotiate a reasonable discount if needed.
13. A week before closing we will make sure the buyers 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, the escrow deposit, amount
financed, prorations for condo maintenance, special
assessment and property taxes, documents and stamp
taxes, and real estate commissions and the final cash
balance that will be turned over to you upon closing.
15. After you review and everyone’s approval the attorney will
issue the final closing statement and send the wire
instructions to the buyers to deposit the balance to close.
16. CLOSING DAY: Everyone signs the closing documents, the
attorney disburses the funds to you, the buyers get the keys.
You turn over utilities (FPL). The attorney records your deed
with the county and we deliver a copy to the condo
association together with the buyers contact information for
future maintenance payments and emergency contacts.

CONGRATULATIONS ON YOUR SALE!