You found the home you love, and your offer was accepted. Congratulations! But now what? The period between an accepted offer and closing day involves a lot of moving parts. Here’s a step-by-step look at what to expect.
Step 1: Sign the Purchase Agreement
Once both parties agree on price and terms, you’ll sign a purchase and sale agreement. In Florida, this is typically done using the FAR/BAR contract. This document outlines the purchase price, closing date, contingencies, and other terms.
Step 2: Pay Your Earnest Money Deposit
Shortly after signing the contract, you’ll submit an earnest money deposit, typically 1% to 3% of the purchase price. This money goes into escrow and will be applied toward your closing costs or down payment at closing.
Step 3: Complete Your Loan Application
Now is the time to formally apply for your mortgage. Your lender will need pay stubs, tax returns, bank statements, and more. The sooner you get this in, the smoother the process will go.
Step 4: Schedule the Home Inspection
Most Florida contracts include an inspection period, usually 10 to 15 days. During this time, you can have the home inspected and negotiate repairs or credits if issues are found.
Step 5: Appraisal
Your lender will order an appraisal to confirm the home’s value supports the purchase price.
Step 6: Clear to Close and Closing Day
Once your loan is fully approved, your lender issues a clear to close. You’ll do a final walk-through, then head to the title company to sign documents and receive your keys.
Want a team that guides you through every step? Jesse Griffith handles the mortgage and Andrea Griffith handles the real estate side. Call or text 321-501-9579 to work with both under one roof.