| While most of the Buyer's work is done before the contract is signed, most of the Seller's legal work is done after the contract is signed.
Documents Needed By Seller
The Seller must produce at closing all the documents listed in ¶6 of the standard contract, including:
- The deed to the unit
- Corporate sales resolution (if the Seller is a corporation)
- The waiver of the right of first refusal of the Board of managers of the condominium
- A common charge letter stating that the common charges (and any assessments) are up to date through the closing date
- Affidavits to satisfy buyer's title company on title matters
- All New York State real property tax transfer documents
- Check for payment of transfer taxes due
- Certificate as to Seller's citizenship
- Smoke detector affidavit
The seller must also have documents necessary to work out the closing adjustments of ¶7 of the standard contract:
- real estate tax payment proof
- water bill tax payment proof (from the managing agent)
- sewer bill tax payment proof (from the managing agent)
- common charge payment proof (from the managing agent)
- condominium assessment payment proof (if applicable)
- fuel invoice (if applicable)
Fees Payable By Seller
The seller must have an understanding in place with the condominium Board regarding any processing fees payable under ¶9 of the standard contract:
- condominium fees, if any
- managing agents fee, if any
- legal fees of condominium attorney, if any
- flip taxes, if any
- transfer, entrance fees, similar fees, or deposits
The seller must have an understanding in place with its broker also. (The fee of any real estate broker is usually payable by the Seller. But the Buyer and the Seller should be in complete agreement on the identity of the broker who was the procuring cause of the deal.)
This is not a complete list, but only a number of points for the Seller to consider.
If these are considered far in advance of the closing, the closing stands a greater chance of proceeding smoothly and on schedule.
The Seller should go back to the section on Buyers... because most deal points desired by the Buyer have an equal (and opposite) effect on the Seller!
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