Real Estate

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

  • Last Updated:
  • Aug 31st, 2015 4:52 pm
Jul 9, 2008
407 posts

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.