HOW TO SELL IN LEISURE WORLD SEAL BEACH
You are ready to sell your home in Leisure World Seal Beach, what do you need to know? There are different steps depending on whether you have a Cooperative Unit or a Condominium. The best thing to do is call Robin - 562-209-5605 or Barbara - 562-754-5628 – we will personally go over the steps with you as they are quite different than selling a property outside the community.
Listed below are some of the basic steps you need to know to get started.
Cooperative Units – Mutual 1-16:
1. The first thing that must be done is to determine who is the signer; is it the Owner, a Trustee, an Heir, etc.? To confirm, we need to see the front and back of the Stock and Membership Certificates.
2. If the property is being sold by the Trust, then we may need Trust Approval. A copy of the entire Trust including all Amendments, a copy of the front and back of the Stock and Membership Certificates, a copy of the Death Certificate, if applicable, and a check made out to GRF for $125.00. All must be submitted together in a package to the Stock Transfer Office through our Escrow Office, who will then submit to the Leisure World Attorney for approval. Once approved we can move on to Step #2.
3. If there is no Trust, we have an Owner to sign or a designated person who has been given Power of Attorney to sign, we can go right to step #2
A Notice of Intent must be signed and submitted to the Stock Transfer Office through our Escrow Office for the Mutual to sign off. Once completed, we go to Step #3.
All Cooperative Units require a Pre-Listing Inspection after the Notice of Intent has been signed off. The Pre-Listing Inspection will call out work repairs that are required of the Seller to close escrow and will point out any alterations to the property that have to be disclosed to the Buyer.
In most Mutuals, you have your choice of going on the market while waiting for the inspection report, or you can wait until it is completed so you know what is expected of you. In Mutual 9, you do not have a choice as they do it in reverse, first the Pre-Listing Inspection then the sign off on the Notice of Intent.
The Seller’s cost for the inspection will run between $500-$1,200 depending on the Mutual.
Condominium’s – Mutual 17:
Handled like a regular sell on the outside for deeded properties.
It takes time to get through the entire selling process. The average time for Trust Approval is 5-10 days, sign off on the Notice of Intent is also 5-10 days, and about 2 weeks from when ordered to complete the Pre-Listing Inspection.
It will take about 5-10 days to have a Buyer Financially approved once submitted to the Stock Transfer Office.
Escrows are generally 30 to 45 days, but can vary depending on Buyer and Seller needs.
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