The escrow process.

Offer Accepted and Contract Executed

Escrow begins the moment both parties sign the purchase contract.

Earnest Money Deposit

After the contract is signed, the buyer typically submits an earnest money deposit to the title company. The deposit shows the seller that the buyer is serious about moving forward. It is credited toward the buyer's funds due at closing.

Title Work Begins

The title company gets to work on:

• Verifying legal ownership
• Checking for liens, judgments, or unpaid taxes
• Reviewing mortgages that must be paid off
• Confirming legal description and vesting
• Preparing title insurance

If title issues come up, they usually need to be resolved before closing.

Apply to the Association

If the community requires association approval, the buyer must submit the application and provide all required documents, fees, and information.

Inspection

Common inspections include:

• General Home Inspection
• Wind Mitigation (for insurance)
• 4-Point (for insurance)

The purpose of the inspection is to give the buyer a clearer picture of the property's condition.

Negotiations May Happen After Inspections

After inspection, the buyer may decide to move forward as-is, request repairs, request a credit, or cancel the contract if within their inspection contingency period. Depending on the situation, the parties may agree to:

• Seller repairs before closing
• A seller credit toward the buyer's closing costs and prepaids
• A price reduction
• No changes at all

Every deal is different. Roig Realty helps clients evaluate inspection findings, respond strategically, and protect their interests during negotiations.

Buyer Secures Financing

This process may include:

• Income and asset verification
• Employment review
• Underwriting
• Review of insurance and title documents

Appraisal

If the buyer is financing, the lender usually requires an appraisal. The appraiser gives an opinion of value to help the lender confirm that the property supports the loan amount. There are three possible outcomes:

• The property appraises at value
• The property appraises above value
• The property appraises below value

If the appraisal comes in low, the buyer may agree to cover the appraisal gap, renegotiate with the seller, or cancel the contract depending on terms.

HOA or Condo Review

There may be association estoppels, payoff information, or association documents that need to be reviewed before closing. The estoppel is especially important because it confirms what is owed to the association, including regular dues, special assessments, violations, late fees, transfer fees, or any other outstanding balances. We help coordinate with the title company, association, and management company to make sure the required documents are ordered and completed properly.

Homeowners Insurance

For financed purchases, lenders typically require proof of homeowners insurance before clearing the buyer to close. We connect our buyers with our trusted insurance partners who review coverage options and help secure the appropriate policy. The 4-point inspection helps insurance companies evaluate the home's major systems — roof, electrical, plumbing, and HVAC — while the wind mitigation report may help identify available insurance credits based on the home's wind-resistant features.

Final Documents

As closing gets closer, the title company prepares the preliminary settlement statement which includes:

• Payoffs for any existing mortgages
• Prorations for taxes, association fees, and other expenses
• Closing costs for each party
• Loan figures from the lender
• Final amount due from the buyer
• Final amount due to the seller

Everyone should review these figures carefully before closing day.

Final Walkthrough

Shortly before closing, the buyer usually completes a final walkthrough of the property to confirm:

• The property is in the expected condition
• Agreed repairs have been completed, if applicable
• No new damage has occurred
• Any included items remain in the home
• The property is vacant if vacancy was required by the contract

Around this time, the buyer should also set up FPL and water utility billing (if applicable).

Closing Day

On closing day, the final documents are signed, the buyer sends the title company their cash to close, and the transaction is completed.