Real Estate

What are the steps from flat fee listing on MLS to Closing?

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  • Sep 1st, 2015 9:53 am
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[OP]
Member
Jul 9, 2008
407 posts
29 upvotes
Toronto

What are the steps from flat fee listing on MLS to Closing?

Can someone list the steps for me?

for example

1. List on MLS
2. Receive calls from buyers/buyers agent. Show the unit.
3. Receive offer (Schedule B)*
4. Receive certified cheque (5,000 to 10,000 dollars)
5. Send 3,4 and buyer lawyer contact info to lawyer.
6. Close deal


If someone can refine/add any missing steps that would help. In addition the condo unit I'm interested to sale is less than 3 years old. I'm just trying to understand the Schedule B (same as offer sheet?). Will a standard condition include "home inspection required", "ability to obtain financing required"? What other conditions are usually listed. Does the interested buyer submit the Schedule B and certified deposit cheque at the same time? Or once the Schedule B is approved by me. At what point does the cheque get cashed and become non refundable?
Can any issues arise to closing date?

I have received advice that under comment on MLS, I should add "Buyer to verify all info and measurements" to prevent any "backfire" on me in the future. Is there anything else I'm missing? or these kind of legal details are handled by my lawyer.


Thanks
2 replies
Deal Addict
User avatar
Nov 26, 2003
1224 posts
199 upvotes
You pretty much have it. Schedule B will have whatever conditions the buyer wants and is always negotiable. You can save yourself the hassle of home inspection by doing a pre sale sellers inspection. I guess with a condo at the very least viewing the corporations status certificate will be on schedule B.
Sr. Member
Dec 12, 2007
771 posts
112 upvotes
A condo also requires a Status Certificate which is usually obtained from management.

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