Just got a call that an offer was made on my contract for sale

[pyrxtc]

what should I expect now ??

They said it was a full price offer and buyer will pay closing and 2012 dues. She said something about not needing a notary or something but she was talking so fast that I didn't catch it all. She said I would be getting an e-mail with stuff to print and sign and to send it back by fax and that I would get it tonight but it's been 2 hours and I haven't seen anything. I guess I still have a lot of tonight left though.

Wasn't my choice to sell, I would have rather bought it off my MIL but couldn't afford to right now.

What should I be expecting to come up and how long will this take. If it comes in tonight, I can fax it off tomorrow morning. What else happens ? How do taxes and stuff work for this ?

 

[JimMIA]

If it's a full-price offer with the buyer paying closing and dues, you've sold your contract.

The first step will be to get the offer and acceptances signed and returned, and the buyer's deposit delivered. You don't need a notary for that part.

Then the contract will go to DVC for ROFR waiver. You don't care how that turns out because you get paid either way, but when we sold a contract we were always hoping it would clear because we wanted some other family to enjoy it. ROFR can take up to 30 days.

Once that's done, the closing paperwork will be sent out by the closing agent. You'll need a notary for that, because that's the actual legal transfer of the property. As part of that paperwork, you will receive a closing statement which will show all the financial details, including the costs you will pay and the proceeds you will receive.

The buyer will also send in the balance of their purchase price and their paperwork. When all of that is assembled, the closing agent will close the deal and you'll receive your check shortly thereafter.

Painless process 99% of the time.

Congratulations on the sale!

 

[pyrxtc]

how do taxes work for this ? My paper work (just got it) doesn't mention it. I want to make sure that we take out what we will have to pay on tax for this before we send his Mom a check for her amount since it's in our names.

 

[JimMIA]

how do taxes work for this ? My paper work (just got it) doesn't mention it. I want to make sure that we take out what we will have to pay on tax for this before we send his Mom a check for her amount since it's in our names.

You're going to need to check with a professional for that.

I know if you are a non-US citizen, there will be some withholding from the proceeds. If you sold for less than you paid(net), I don't think you'd have a taxable event. But I'd check with a tax professional to be sure.

 

[pyrxtc]

we bought for $5k and sold for under $3500

 

[Pennyguy23]

That is bitter sweet news. Good luck with the details

 

[disneynutz]

what should I expect now ??

They said it was a full price offer and buyer will pay closing and 2012 dues. She said something about not needing a notary or something but she was talking so fast that I didn't catch it all. She said I would be getting an e-mail with stuff to print and sign and to send it back by fax and that I would get it tonight but it's been 2 hours and I haven't seen anything. I guess I still have a lot of tonight left though.

Wasn't my choice to sell, I would have rather bought it off my MIL but couldn't afford to right now.

What should I be expecting to come up and how long will this take. If it comes in tonight, I can fax it off tomorrow morning. What else happens ? How do taxes and stuff work for this ?

You paid your Broker a healthy commission and I would think that they should provide all of the answers to your questions. If they talk to fast, tell them to slow down. The sequence of events with your Broker may be different than what you will read here. I would really hate it if you were given incorrect information even if it was well meaning.

Bill