Overview
Before closing on a Miami condo sale, complete any contract-required repairs, keep receipts and before-and-after photos, gather appliance manuals for the buyer, and review the settlement statement closely for accuracy. Seller expenses deducted from proceeds typically include the remaining mortgage balance, real estate commissions, and prorated taxes, utilities, insurance, and HOA dues. After closing, expect the sale proceeds by wire transfer, cancel your homeowners' insurance effective the closing date, and hold onto your closing documents and home improvement records for tax purposes.
What to Complete Before Closing
Before closing day, there are several tasks to check off to keep the transaction smooth:
- Complete any repairs required by the contract.
- Keep all receipts and invoices, along with before-and-after photos of the repairs.
- Gather appliance manuals and warranties for your buyer.
- Hire a mover.
- Schedule utility cancellations for the day after you move out.
- Cancel any subscriptions delivered to the address and update your mailing address.
- Review all settlement documents closely, especially the settlement statement.
- Check the property survey for accuracy.
- Clean the condo and prepare it for the buyer's final walkthrough.
What to Expect at Closing
As the seller, you may or may not need to attend the closing itself; you and your agent will work with the title or settlement company to decide what makes sense for your situation. It's common for sellers to sign all documents ahead of the official closing date rather than attending in person.
Seller expenses deducted from the sale proceeds typically include:
- The final payoff balance on your mortgage
- Real estate commissions
- Prorated property taxes, utility bills, homeowners insurance, and HOA dues
If you can't move out before closing, ask your agent about a rentback agreement, which lets you stay in the unit for a set period after closing in exchange for rent paid to the buyer. Your agent can help put together the paperwork if you need one.
If you're moving out on schedule, expect the buyer to do a final walkthrough within 24 hours before closing to confirm the unit is in the agreed-upon condition. If they find something that still needs attention, you'll work together to resolve it before the deal closes. Whether or not you attend the closing in person, plan to hand off house keys, alarm codes, garage remotes, and any mailbox or gate keys to the buyer.
After Closing
Once the sale closes, you'll receive the proceeds, typically by wire transfer. Cancel your homeowners' insurance effective the closing date to make sure you're still covered right up through that day. Hold onto your closing documents and any home improvement records; you'll likely need them for tax purposes.
