Real Estate Closing Process in Florida

The Home Buyer’s Offer to Purchase Contract

The majority of residential sales contracts are written by real estate
agents using standard forms provided by the Florida Association of Realtors exclusively or in conjunction with the Florida BAR Association. Home buyers sometimes ask their attorneys to draft offers for them.

Prepare the offer

Your REALTOR will provide you with a comparative market analysis on the property or properties of your choice in order to assist you in making an informed decision. Your Realtor will go through the contract with you and complete your offer.

Your Realtor will obtain the Seller’s Disclosure and any Condo or Homeowner’s Association documentation requiring Buyer review and approval.

Negotiations will proceed until both buyer and seller agree on all terms and sign. All documents will be sent to the Title Company or closing attorney where a file will be opened, and title commitment and property tax information ordered.

Make your loan application

Give your loan officer a copy of the contract and apply for the loan within the stated period contractually agreed to.

Inspect the property

Select an inspector and arrange for both a general inspection and wood-destroying insect inspection. Your Realtor also can provide information about other environmental assessments such as Radon, mold inspection, sea-wall inspections, lead based paint, etc.

Appraisal and survey of property

The lender and Title Company will make arrangements for the property appraisal and survey. The Buyer will be provided a copy of the Title Commitment Letter and will make arrangements for homeowner’s (hazard) insurance, and arrange for the insurance agent to talk with the closing officer at the title company or closing attorney’s office.

Seller’s closing is also arranged

Buyer and Buyer’s Broker receives a copy of the closing statement for review prior to closing.

Buyer and Buyer’s Broker does a final walk-through inspection of the property.

The Buyer’s Broker arranges a closing date and time with the buyer and title company of closing attorney. The Seller’s closing is also arranged.Buyer brings a cashiers check or wires funds for all closing costs and the balance of the down payment.

After the closing

Documents are sent to the buyer’s loan company for approval and funds are disbursed. The title company or closing attorney receives and funds all money from the loan company. Payment of any accrued expenses in connection with the closing are due including taxes, attorney’s fees, professional real estate fees and title company fees.

Legal documents will be recorded in the office of the county clerk and mailed to the buyer.

Title Company prepares and issues the title policy, and sends it to the Loan Company and new homeowner.


Title Insurance

Real Estate Closings

Short Sales & Foreclosures

Role & Purpose

Closing Costs