Closing on a Home in Florida: From Contract to Keys

Many of my clients are buying in the United States for the first time, and the part that confuses them most is not finding the home. It is everything that happens after the seller says yes. Here is the path from an accepted offer to the keys in your hand, in plain language.

The offer is accepted. Now what?

Once both sides sign the contract, you are "under contract." Within a few days you will send a deposit, often called escrow or earnest money. It does not go to the seller. It goes to a neutral third party, usually a title company or an attorney, who holds it until closing. If the deal closes, it counts toward your purchase. If you cancel within your contract rights, it comes back to you. If you cancel outside those rights, it may not. Your attorney can explain exactly how your contract treats it.

The inspection period

Your first deadline is the inspection period. This is your chance to have the home inspected and, for a condominium, to review the association's documents. I wrote a full post on what the inspection covers. Use every day of the period you are given.

Financing and the appraisal

If you are borrowing, your lender now does its own work. You provide documents, the lender orders an appraisal, and an appraiser visits the home to confirm it is worth what you are paying. If the appraisal comes in below the price, we have a decision to make, and the contract's financing language governs what happens next.

If you are paying cash, there is no lender, but the title company will still ask you to show where the funds are coming from. Buyers from abroad should expect a few extra questions about the source and transfer of funds, which is normal and worth preparing for early.

Title and title insurance

Title is the legal right to own the property. Before closing, the title company searches public records to confirm the seller can actually sell, and that there are no unpaid liens, unresolved claims, or errors in the chain of ownership. Title insurance protects you, and your lender, if a problem in that history surfaces later. In Florida, who pays for the owner's policy is a matter of local custom and the contract, so it is worth asking rather than assuming.

Association approval

If the home is in a community with an association, the association may need to approve you as an owner before closing. That means an application, sometimes an interview, and often a fee. Approval can take weeks, so I start it the moment we are under contract, not the week before closing.

Insurance must be in place

Your homeowners policy, and flood coverage if required, must be bound before closing. A lender will not fund without it. I covered why to start early in my post on insurance for newcomers. By the time we reach this step, you should already have your quotes.

The final walkthrough and closing day

A day or so before closing, we walk through the home together to confirm it is in the condition the contract requires and that any agreed repairs were made. Then comes closing itself. You review and sign the closing statement, which lists every dollar coming in and going out, and you sign the loan documents if you have a loan. In Florida, closing can often be done in person, remotely, or through a power of attorney, depending on the situation.

One warning I give every client, and I mean it: never send closing funds based on wiring instructions that arrive by email. Criminals target real estate closings by imitating the people involved. Call the title company on a phone number you have verified independently and confirm the instructions by voice before any money moves. No legitimate closing will rush you past that call.

Then the keys

Once the funds are received and the documents are recorded, the home is yours. The keys, the gate remotes, and the association welcome packet usually arrive the same day.

It sounds like a lot, and it is. My job is to run the deadlines, keep everyone moving, and make sure nothing reaches you as a surprise. If you are buying in South Florida for the first time, especially from another country, you can reach me here and I will walk you through it in English or Russian.