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Getting Ready to Close on Your Miami Condo: A Step-by-Step Guide

Updated: Jul 10, 2023

Buying a condo in Miami can be an exciting but nerve-wracking process. The prospect of owning a new home is thrilling, but the many steps involved in the process can be overwhelming. One of the most crucial steps in purchasing a condo is the closing, where all the paperwork and details are finalized. This article will explore what buyers can expect when buying a condo in Miami, from preparing for the closing to what happens after the closing.

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In this article:

What should I do before the closing?

Before the closing, there are several things that buyers should keep in mind to ensure a smooth process. Here are some tips:

  • Stay in close contact with your agent, lender, and title company. These professionals will help guide you through the process and provide valuable insights and advice.

  • Avoid making significant changes to your finances, such as quitting your job or making large purchases. These changes could negatively impact your loan application and cause the deal to fall through.

  • Confirm that all contract contingencies, such as the home inspection, appraisal, and financing, have been resolved.

  • Finalize your homeowners' insurance policy.

  • Gather your down payment and closing costs in an easily accessible account.

  • Review your closing disclosure form, which you will receive three days before your settlement, and ask any questions if you do not understand something.

  • Schedule a walk-through of your new home within 24 hours before closing to check its condition.

What can I expect at the closing?

The closing is where all the paperwork and details are finalized, and the buyer becomes the official owner of the condo. Here is what buyers can expect at the closing:

  • Allow a few hours for the closing process.

  • Bring a government-issued photo ID, proof of homeowners' insurance, your copy of the contract, all paperwork associated with your loan and the home purchase, and your cashier's check or wire transfer confirmation.

  • Sign numerous documents, including a repeat of the papers you signed when you applied for your loan.

  • The most important documents you'll sign are the promissory note to repay the mortgage, the deed of trust, and the initial escrow disclosure, which outlines the funds on deposit for your property taxes and homeowner insurance bills.

What paperwork and costs are required to close?

Before closing, you must provide proof of homeowners' insurance, government-issued ID, and all paperwork associated with your loan and the home purchase.

Here is a list of the most important documents you will need to sign:

  • Promissory note to repay the mortgage.

  • A deed of trust gives the lender the right to foreclose if you do not repay the loan.

  • Initial escrow disclosure outlines the funds on deposit for your property taxes and homeowner insurance bills.

Additionally, you'll need to bring the remaining closing costs to the table, which typically include the following:

  • Down payment: The amount you agreed to put down when you offered the property.

  • Closing costs: Fees charged by your lender and other third-party service providers for processing your mortgage and closing the deal.

  • Prepaid items: These include property taxes, homeowners' insurance, and mortgage interest that accrues between the closing date and the end of the month.

Confirm with your lender how much you need to bring to the closing table and the form of payment they accept. Typically, you must provide a wire transfer or cashier's check. Remember that the amount due at closing can vary depending on your specific loan and circumstances, so it's essential to review your closing disclosure form and ask any questions you may have.

After the closing

Once the closing is complete, there are several things that buyers should keep in mind to ensure a smooth transition into their new home. Here are some tips:

  • Keep all your signed documents in a safe place.

  • Change your address with the post office, utilities, and other necessary entities.

  • Change the locks and security codes to your home for added safety.

  • Review your due dates and new budget to ensure you are prepared for the ongoing costs of homeownership.

In addition, if you're buying a condo in Miami, it's essential to coordinate with the condo association for move-in. Here are a few steps to take:

  • Schedule your move-in: Check with the condo association to see if there are any restrictions on move-in times, parking, or elevator use. Some buildings may require you to reserve the elevator or loading dock in advance.

  • Learn the rules: Familiarize yourself with the condo association's rules and regulations, such as noise restrictions, pet policies, and common area use. This information is usually found in the condo association's governing documents or bylaws.


Buying a condo in Miami can be a challenging but rewarding process. By staying organized and remembering these tips, buyers can prepare for the closing and ensure a smooth transition into their new home. Remember to keep in close contact with your agent, lender, and title company and ask questions if you need help understanding something. With the proper preparation and guidance, buying a condo in Miami can be a significant investment in your future.


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