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It's closing day! Here's what you need to know before closing on the sale of your condo.

Updated: Apr 10, 2023

If you want to sell your Miami condo, it's essential to understand the closing process. Closing on a condo sale involves several steps, from preparing your property for the final walkthrough to receiving the proceeds from the sale. In this article, we'll cover what you need to do before closing, what to expect during the closing process, and what to do after closing.


Buyer and Seller at the closing table.

In this article:


What to complete before closing?

Before the closing day, there are a few things you'll need to take care of to ensure a smooth transaction. First, you'll need to make any repairs the contract requires. It's essential to keep all receipts and invoices and take before-and-after photos of the repairs. You'll also need to gather your buyers' appliance manuals and warranties.


You'll need to hire a mover and cancel all utilities for the day after you move. Cancel any newspaper subscriptions and change your address. It's important to review all settlement documents, especially the settlement statement, and check the property survey to be sure it's correct. You'll also need to clean the condo and prepare for the buyer's final walkthrough.


Before closing day, you'll need to:

  • Take care of repairs required by the contract.

  • Keep all receipts and invoices and before-and-after photos of repairs.

  • Gather all appliance manuals and warranties for your buyers.

  • Hire a mover.

  • Cancel all utilities for the day after you move.

  • Cancel newspaper subscriptions.

  • Change your address.

  • Review all settlement documents, especially the settlement statement.

  • Check the property survey to be sure it's correct.

  • Clean the house.

  • Prepare for the buyers' final walkthrough.



What to expect when closing

As a seller, you may or may not attend the closing. You and your agent will work alongside the settlement company to decide what's best. You can sign all documents before the official closing. Seller expenses deducted from the sale proceeds include the final balance on your mortgage, real estate commissions, prorated property taxes, utility bills, homeowners insurance, and homeowners association dues.


Seller expenses, which are deducted from the proceeds of the sale, include the following:

  • The final balance on your mortgage

  • Real estate commissions

  • Prorated property taxes, utility bills, homeowners insurance, and homeowners association dues

If you can't move before the closing, you may need to arrange a rentback from the buyer. A rentback agreement would allow you to remain in your home for a specified time after closing. Your agent can help you complete the appropriate paperwork for a rentback should you need it.


If you are moving, the buyer will do a walkthrough of your home within 24 hours before the closing to check that the property is in good condition. If the buyer finds something that needs to be fixed, you'll work together to decide how to handle it. Whether or not you attend the closing, you'll need to provide your buyer house keys, all alarm codes, remote controls for the garage, and mailbox or gate keys.



Post-closing

After the closing, you'll receive the proceeds from the sale, usually by wire transfer. It's essential to cancel your homeowners' insurance "post-close" to ensure you're covered on that day. You should save your closing documents and home improvement records for taxes.


After the closing, you'll:

  • Receive the proceeds from the sale, usually by wire transfer.

  • Cancel your homeowners' insurance "post-close" to ensure you're covered on that day.

  • Save your closing documents and home improvement records for taxes.


Conclusion

In conclusion, closing a condo sale can be a complex process. However, with the proper preparation and guidance from your agent, you can successfully navigate this process and achieve a successful sale. Remember to take care of repairs required by the contract, gather all appliance manuals and warranties, and cancel all utilities for the day after you move. At closing, be prepared to sign documents and provide house keys to the buyer. Finally, cancel your homeowners' insurance after closing and save all closing documents for taxes. By following these steps, you can sell your Miami condo with confidence.

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