How to do a condo closing?

Question

What about the Condo Certificate?

Answer 1

The seller signs a deed in front of a notary.   The buyer pays her money  (the seller of a $60,000 condo doesn't care if the buyer pays $3,000 down and borrows $57,000.... or.... puts $57,000 down and borrows $3,000.  As long as it adds up to $60,000).   When the deed is signed and the money on the table,  someone who is trustworthy slides the deed to the buyer and the money to the seller  (don't let the buyer pay with a personal check).  

One last note.  Contact the HOA to give them the buyer's name and remove the seller's name.   Couldn't be easier to close a condo.

Answer 2

Closings are usually handled by title companies or escrow companies. There are some that prefer to close at the attorney's office.

Answer 3

are you a title agent and not knowing this? They cunduct all closings

Answer 4

What state are you in?  No "DIY" closings!  Depending on your state, they may have to go through an attorney (e.g. Connecticut still requires buyer & seller each have an atty), or the title company or escrow company.  Your real estate agent/broker knows your state's requirements, and can recommend the appropriate party.

This is one of the problems with "For Sale By Owner."  If you did this and do not know what you are doing, get a real estate attorney pronto to ensure that the contract is properly drawn up and protects buyer & seller; handle the HUD-1 and other government requirements, disclosures, etc.; and handle the closing or turn over the proper documentation to the escrow or title company as appropriate in your state.

Answer 5

1.  The paperwork should be handled through a competent escrow company. Neither party should be allowed to D-I-Y.

2.   The paperwork should require a buyer inspection and approval not less than 72 hours prior to close of escrow to be certain the property is in the condition promised.

And tenant (if any) physical removal, turn over of keys  and absence of remaining property should be verified at least 24 hours prior to escrow closure.