The Managing Agents, banks, attorneys, buyers and sellers will all work to coordinate a time and place for the closing. Generally, if all parties are ready to close, a closing can be scheduled within two to three weeks of Board Approval, if not sooner.
The closing, or sometimes called the settlement, is the final step in a real estate transaction when the parties consummate the purchase contract and transfer ownership of the property from the seller to the buyer.
- The seller signs the deed over to the buyer and delivers the keys to the home.
- The seller will receive the monies due from the proceeds of the sale, less closing costs and mortgage payouts if the seller had an existing mortgage at closing.
For Foreign Sellers, the closing can take place without the seller being physically present in the US. The seller would simply assign Power of Attorney to the seller’s lawyer or another representative who would then close the deal on the seller’s behalf. This is quite a common practice.