Under Contract to Closing
What happens between a signed contract and your keys, in the order it usually happens on a Florida resale.
Once both sides sign, the contract's dates start running: when the deposit is due, how long the inspection period lasts, when your loan has to be approved, and the closing date. Your contract controls every one of them, so keep a copy handy and put the deadlines on a calendar the day you sign.
The timeline
Send the deposit
The deposit goes to the title company or escrow agent named in the contract, by the deadline the contract sets. It's held in escrow, not by the seller, and credited to you at closing.
Inspect, during the inspection period
On the widely used Florida Realtors/Florida Bar "AS IS" contract, you can cancel for any reason during the inspection period and get your deposit back, but the seller isn't obligated to make repairs. Other contract forms handle repairs differently, so check yours. The inspections people commonly order here:
- General home inspection. Structure, roof, systems, and appliances, top to bottom.
- WDO (wood-destroying organism). Termites and similar damage. Some loan types require one.
- Four-point. Roof, electrical, plumbing, and heating and air. Insurers often ask for it on older homes.
- Wind mitigation. Documents features like roof-to-wall connections and opening protection. Florida requires insurers to offer discounts for wind-mitigation features (s. 627.0629, F.S.), so this report can lower your premium.
- As the home calls for it: a separate roof inspection, pool, septic and well, sewer line, mold.
Get homeowners insurance bound
Use the four-point and wind mitigation reports to get firm quotes, then bind a policy before closing; your lender will require one. If the home is in a high-risk flood zone and your mortgage is federally backed, flood insurance is required too (FloodSmart).
Loan approval and the appraisal
If you're financing, the lender orders an appraisal and finishes underwriting. If the appraisal comes in below the price, what happens next depends on your contract's financing and appraisal terms: renegotiate, bring more cash, or cancel if the contract allows it. Until closing, keep your finances steady: no new credit, no large unexplained deposits, and tell your lender before any job change.
Title, survey, and association paperwork
The title company searches public records for liens and other problems and issues title insurance. A survey shows the lot lines and anything built over them. In an HOA community, the association confirms whether the seller's dues are paid up.
Final walkthrough
Shortly before closing, walk the home to confirm it's in the condition the contract requires and that any agreed repairs are done.
Closing day
Your lender has to give you the Closing Disclosure at least three business days before closing (CFPB); compare it with your Loan Estimate. Bring photo ID, and send funds exactly as the title company instructs. Before you wire any money, call the title company at a number you already have, never one from an email. Real estate wire fraud often starts with a convincing email about "updated" wiring instructions.
After closing
Keep your closing documents. If the home is your permanent residence, file for the homestead exemption with the Manatee County Property Appraiser by March 1.
Common questions
Can I back out after signing?
It depends on your contract. On the AS IS form, you can cancel for any reason during the inspection period. Financing and appraisal terms can give you other exits, and in an HOA community you have a right to cancel if you didn't get the disclosure summary before signing. Outside those, backing out can cost you the deposit.
What if the inspection finds problems?
On an AS IS contract, you can ask the seller for a repair or a credit (they can say no), accept the home as it is, or cancel before the inspection period ends. The key is doing it before that deadline.
Who picks the title company, and who pays for title insurance?
The contract says who designates the closing agent and who pays for the owner's title policy. It's negotiable, so read that paragraph before you sign.
How long from contract to closing?
Whatever your contract says. A financed purchase needs enough time for the appraisal and underwriting, so check with your lender before you pick a closing date.
Why clients trust Leslie Wells Realty
What clients say
“I was an out of state buyer and Agata Diggs represented me in the purchase of my second home. She was extremely responsive! Even if she couldn't talk at the moment, she would text me and tell me that she would call me in 15 minutes. She never left me wondering. I've recommended her to a few friends since then. She did a great job.”
“Amazing service from Melissa Moore who helped sell my aunt's home. Being from Scotland, I had lots of questions which Melissa promptly answered even when she was on vacation! We had one viewer and full offer!”
“Working with Alexis Christensen over the past 3 years has been nothing short of incredible. And yes, I really mean 3 years.”
“I am thrilled to have worked with Rachel. She has been professional, but most importantly she was kind, she listened, and was always available to answer any questions. She was a godsend from the very first day and soon felt like family. I would recommend her to anyone.”
“We are incredibly grateful to have been referred to Carly by a friend. When we called her at the last minute to assist with our home purchase, she stepped in and made the entire process seamless. Carly went above and beyond our expectations, and we highly recommend her. We look forward to working with her again in the future.”
Why Leslie Wells Realty
- Years of Leslie's real estate experienceSince 1976
- 50
- Communities covered
- 96
Questions about a deadline?
If a date in your contract is coming up and something doesn't look right, call us before it passes, not after.