Contract to Close Process in Florida When You Buy a Home

Once your offer is accepted, you officially move into the contract-to-close phase. This is where timelines matter, inspections happen, and your loan moves from approval to funding.

Here’s a simple breakdown of what to expect in Florida, step by step.

 

Step 1: Contract Is Fully Executed

A contract becomes fully executed when:

• Both buyer and seller have signed

• The last signature is delivered to all parties

This date starts the clock for deposit delivery, inspections, and financing deadlines.

 

Step 2: Earnest Money Deposit Delivery

What Is the Deposit?

The earnest money deposit shows good faith and is credited back to you at closing.

Florida Timeline

• Typically due within 3 business days of contract execution

• Delivered to the escrow agent or title company

Estimated Cost

• Commonly 1%–3% of the purchase price

• Amount is negotiable and varies by situation

🔹 Recommendation: Always deliver on time to avoid contract issues.

 

Step 3: Home Inspection Period (Very Important)

Florida contracts give buyers an inspection window (usually 10–15 days) to evaluate the property.

Standard Home Inspection (Recommended)

Cost: $350–$600
Covers:

• Roof

• Electrical

• Plumbing

• HVAC

• Structure

• Appliances

This is the minimum inspection we recommend for every buyer.

 

Optional & Specialized Inspections

4-Point Inspection (Sometimes Required)

Cost: $125–$250
Focuses on:

• Roof

• Electrical

• Plumbing

• HVAC
  Often required for insurance on older homes.

 

Wind Mitigation Inspection (Optional, Money Saver)

Cost: $100–$180
Helps determine:

• Roof straps

• Impact windows

• Hurricane protections
  Can lower insurance premiums.

 

Termite / WDO Inspection (Strongly Recommended)

Cost: $100–$200
Checks for:

• Termites

• Wood-destroying organisms
  Often required by lenders.

 

Sewer Scope (Optional but Smart for Older Homes)

Cost: $200–$350
Uses a camera to inspect sewer lines.

🔹 Recommendation: Inspections protect you from costly surprises and give leverage for repairs or credits.

 

Step 4: Inspection Negotiations

After inspections, you can:

• Request repairs

• Request seller credits

• Proceed as-is

• Cancel within the inspection period if needed

We guide you on what’s reasonable and how to protect your position.

 

Step 5: Appraisal Process

What Is the Appraisal?

The appraisal ensures the home is worth the price being paid for the lender.

Timeline

• Ordered after inspections (usually)

• Takes 7–14 days to complete

Estimated Cost

• $550–$750

• Paid by the buyer

Possible Outcomes

• Value meets or exceeds price → move forward

• Value comes in low → renegotiate, bring cash, or cancel (depending on terms)

🔹 Recommendation: Don’t panic over appraisals — there are options.

 

Step 6: Final Loan Approval

Your lender completes:

• Income verification

• Asset review

• Credit checks

• Final underwriting

Once complete, you receive Clear to Close.

This means:

• Loan is approved

• Closing can be scheduled

 

Step 7: Closing Disclosure & Final Walk-Through

Closing Disclosure (CD)

• Sent at least 3 business days before closing

• Shows final numbers

• We review this with you

 

Final Walk-Through

• Usually 24–48 hours before closing

• Confirms property condition

• Ensures agreed repairs are complete

 

Step 8: Closing Day in Florida

What Happens at Closing?

• Buyer signs loan and title documents

• Funds are wired or cashier’s check is delivered

• Title company records the transaction

Delivery of Funds

• Funds must be cleared before keys are released

• Wire instructions must be verified carefully

Exchange of Keys

Once the transaction records:

• You receive the keys

• You officially own the home 🎉

 

Final Thoughts

The contract-to-close process in Florida is structured, time-sensitive, and manageable — especially when you know what to expect.

Our role is to:

• Keep you on schedule

• Protect your money

• Explain every step

• Make the process smooth and stress-free

If you ever have questions, we walk you through it — that’s part of the service.