Yes, usually borrowing and selling go together. Th
Post# of 148216
However, if an institution would short, I am not sure that it works that way. They could borrow the shares in advance, hold them, and short when they felt the urge. Yes, they would have to pay interest on borrowed shares. But, when a brokerage lends a block of shares (at interest) to a hedge fund, that is a separate transaction than the sale of those shares.
And, doesn't it get more complicated for those market makers and institutions that can naked short and have 3 days to deliver the stock or have a failure to deliver issued against them? They are borrowing shares after the short sale.
So, it seems that the borrowing of shares is separate from the short sale of the shares and that borrow can occur either before, at the same time or after the short sale itself.