Condo Selling Guide: From Contract to Closing

Understanding the Contractual Obligations

Once your condo is under contract, understanding the contractual obligations is paramount for a smooth transition. This involves more than acknowledging the closing date — it encompasses the seller's responsibilities, maintenance obligations, and documentation requirements.

Common obligations sellers have when selling a condo in Miami include:

• Payment of liens and assessments: The seller must pay in full any liens imposed by a public body before closing, along with the most recent estimate for any improvement that is substantially complete but hasn't yet resulted in a lien. The buyer is responsible for all other assessments.
• Seller disclosure: The Seller Disclosure form affirms the seller knows of no facts materially affecting the property's value that haven't been disclosed to the buyer.
• Cooperation on open building permits: If the buyer's inspection turns up open or needed permits, the seller must provide information and cooperate in good faith with the buyer's efforts to get repair estimates. The seller isn't required to pay for the work unless that's written into the contract.
• Title examination and cure period: Under the current FAR/BAR AS-IS contract, the buyer has 5 days after receiving the Title Commitment to notify the seller of any defects that make the title unmarketable. The seller then has a 30-day cure period to resolve them, with the option to request up to 120 additional days if needed.
• Lease information: If the unit is tenant-occupied, the seller must provide tenant estoppel letters at least 10 days before closing, or an affidavit with the same information if letters can't be obtained.
• Liens: The seller must provide an affidavit at closing attesting to the absence of any financing statement, claim of lien, or potential lienor, and provide releases or waivers of construction liens if improvements were made.
• FIRPTA withholding: If the seller is a foreign person, the buyer must generally withhold 15% of the gross sale price and remit it to the IRS. That drops to 10% for sales between $300,001 and $1,000,000 where the buyer will use the property as a primary residence, and to 0% for qualifying sales at or below $300,000. A seller expecting a lower actual tax bill can apply for a withholding certificate (IRS Form 8288-B) to reduce the amount held back.

Seller's Maintenance Responsibilities

The seller is responsible for maintaining the condo in the condition agreed to in the contract, and for addressing any issues that come up between contract signing and closing. This includes:

• Regular upkeep
• Timely repairs
• Keeping utilities on
• Ensuring the property remains in the promised condition

Documentation and Seller Disclosure

Sellers may need to provide condo documentation and disclosure forms after the contract is signed if these weren't already provided. These typically include HOA rules and regulations, the association's financial health, seller disclosure, and a condo rider. The required forms include:

• Condo Rider
• Seller Property Disclosure
• Recent condo documents, plus confirmation that the buyer received them

Florida's disclosure requirements now include prominent flood risk information — buyers are seeing Redfin and Zillow flag severe flood risk on 69% of Miami properties before they even look at photos. For a full breakdown of what sellers are required to disclose and how to address flood risk proactively, see Understanding Real Estate Disclosures When Selling in Miami.

Escrow Funds and Condo Association Application

Sellers can expect the buyer to submit funds in escrow if that step isn't already complete. This is a security measure showing the property has been taken off the market. Buyers will also typically need to submit a condo association application right away to start the approval process, and sellers should be ready to cooperate with any information the association requests.

Loan Application, Inspection, and Appraisal

Financed buyers must start their loan application promptly after signing. Two things to watch for during this stage:

• Scheduling a home inspection is standard during the inspection period, giving the buyer a chance to identify any issues with the property.
• The lender will typically order an appraisal to confirm the unit's market value supports the loan amount.

Home Inspection and Potential Negotiations

Be prepared for negotiations based on the inspection report. Decide in advance what repairs you're willing to make and what you're open to negotiating on price. A few things to keep in mind:

• If the inspection reveals issues, addressing them promptly helps maintain a good relationship with the buyer and avoids delays.
• Having your own inspection done before listing can help you get ahead of surprises.
• Decide before listing whether you're open to negotiating on items found in an inspection — you can make repairs yourself, adjust price, or offer a credit at closing.

Seller's Agent Responsibilities

The seller's agent plays a key role in keeping the transaction on schedule — following up on escrow funds, condo association applications, and loan application progress, even when the buyer has their own agent. Typical listing agent responsibilities include:

• Constant communication with the buyer's agent
• Keeping both parties aligned on next steps
• Reviewing contracts and addenda
• Reviewing and delivering repair requests after the home inspection
• Providing access for inspections, appraisals, and walkthroughs
• Helping resolve issues or disputes as they come up
• Gathering information and documents as requested
• Acting as liaison with the buyer's title company

Coordinating With Your Real Estate Agent

Communication is critical during this phase. Stay in close contact with your agent for updates on the buyer's financing progress and to flag anything that comes up.

Finalizing Financials

As closing approaches, finalizing financial matters is crucial for a seamless transaction. Work closely with the title company to make sure everything is addressed:

Settling outstanding dues: Any delinquent HOA fees must be paid in full to avoid closing delays. HOA fees in Miami have risen significantly since the Surfside collapse and new reserve funding requirements took effect — for context on what buyers are calculating when they see your HOA costs, see Why Miami Condo Fees Are So High in 2026.

Addressing liens on the property: Liens from contractors, government agencies, or other entities must be cleared before closing so the buyer receives a property free of encumbrances.

Expired or open permits: If past renovations or construction left permits open or expired, resolve them proactively — for example, an unclosed permit for a kitchen remodel or bathroom addition can delay closing if it isn't addressed ahead of time.

Property taxes: Any outstanding property taxes must be settled before closing. Title companies verify tax status during the closing process, so resolving issues in advance avoids last-minute complications.

Preparing for the Closing Process

As closing nears, efficient preparation matters. Key things to keep in mind:

• Closing Disclosure: For financed purchases, buyers receive a Closing Disclosure (the form that replaced the HUD-1 Settlement Statement for most mortgage transactions in 2015) at least three business days before closing, detailing final loan terms and costs. The older HUD-1 is now mainly used for cash purchases and reverse mortgages. Sellers should review their own settlement statement carefully and flag any discrepancies right away.
• Closing options: Determine whether closing can be done remotely or requires an in-person visit.
• Understanding your role: Be ready to provide additional information or clarification beyond just signing documents.
• Communication with the title company: Confirm steps and requirements ahead of time to reduce the chance of last-minute complications.

Moving Out

As closing approaches, a well-planned move-out is essential, especially if the property is tenant-occupied.

Tenant-occupied condo: If a tenant occupies the unit, clear communication is vital. In many cases the buyer will honor the existing lease; if they'll take possession after closing, make sure both the tenant and buyer understand the move-out plan and timeline, and coordinate a move-out date that works for everyone.

Coordination with the buyer: Confirm the closing date and time, and discuss when the buyer will take possession, to ensure a smooth handover.

Last-minute packing and cleaning: Handle any minor repairs or touch-ups before vacating — this contributes to a positive final walkthrough.

Moving logistics: Whether the unit is vacant or occupied, plan the move carefully. If using a moving company, schedule it well ahead of closing, and coordinate the transfer of keys and access information with the buyer.

From The Miami Condo Seller's Playbook

This guide covers what happens from contract to closing. For everything that leads up to it, these articles from the Playbook address pricing, preparation, and market context specific to Miami's 2026 condo market:

• How to Price Your Miami Condo to Sell in 2026 — setting the right price before you go to market
• Before You List: The Miami Seller's Checklist for 2026 — staging, documentation, HOA financials, and agent selection
• Why Your Miami Listing Is Sitting — And the 5 Fixes That Actually Work — diagnosing and fixing a stale listing
• Why Miami Condo Fees Are So High in 2026 — what buyers calculate when they see your HOA number
• Understanding Real Estate Disclosures When Selling in Miami — disclosure requirements including flood risk
• What 12–19 Months of Inventory Actually Means If You're Selling a Miami Condo — market context every seller needs to understand