Selling Condo (you are the seller)

  1. Seller signs commission / agency agreement with broker unless you sell the condo unit by yourself without using a real estate agent;
  2. Seller retains an real estate Attorney after having a potential buyer or a binder is provided by the real estate agent;
  3. Seller’s Attorney prepares contract and sends to Buyer’s Attorney for review;
  4. Seller’s Attorney receives four copies of the contract signed by Purchaser with contract down-payment (usually 10% of the contract price) from Buyer’s Attorney, and deposits into Attorney’s escrow account;
  5. Seller signs the contract with his/ her attorney and two copies of the executed contract of sales is delivered back to buyer’s attorney; Contract is formed;
  6. Seller, through his attorney, after receiving the loan commitment letter from buyer (if there is a mortgage contingency clause),  and the title search report, shall:
  7. Clear any problem in the title search report, if any;
  8. Order payoff letter from his /her current mortgage bank, if any;
  9. Before closing, through your attorney, obtaining first-refusal letter and common charge letter from Condo board / management;
  10. Prepare transfer forms;
  11. Provide lists of check cutting to Buyer’s attorney;
  12. Provide a final inspection chance to buyer prior to closing;
  13. Closing. Seller shall be present at the closing table;
  14. On the scheduled date and time, Seller shall attend the closing unless a proper Power Of Attorney (POA) is used;
  15. With proper ID;
  16. Do adjustment on real estate tax, and maintenance charges, etc.
  17. Deliver the keys and provide other information such as utility providers to the purchaser;
  18. Sign the documents which may include deed, ACRIS form, pay to real estate transfer tax and other fees as required via title company and
  19. Receive your final balance payment from the Purchaser.