Once both sides sign, the work shifts from negotiating to proving. Inspectors, lenders, title examiners and associations all get a turn. Most of their deadlines count from the same date, so a slow start can squeeze everything after it. This Broward escrow timeline follows the Florida Realtors and Florida Bar AS IS contract and uses the numbers that apply when its blanks are left empty. Your contract may set different numbers, so keep it open while you read.
What does escrow mean in a Florida home purchase?
In Florida, escrow is the holding period between a signed contract and closing. A neutral escrow agent keeps your deposit until the deal closes or ends. That agent is named in the contract. It is often a title company or a real estate attorney. A broker can also hold it in a trust account.
A closing agent runs the closing itself. Usually that is also a title company or an attorney. The closing agent orders the title work, prepares the final figures, collects the money and records the deed. The contract decides who picks the closing agent. Under the regional title option used in Broward, the buyer chooses.
When does the clock start?
Every count begins with the Effective Date. That is the day the last party signs or initials the final offer or counteroffer and delivers it.
The contract counts calendar days. If a deadline lands on a weekend or a national legal holiday, it moves to the next day that is neither. The contract also says time is of the essence. In plain terms, the dates are firm unless both sides sign a change.
When is the escrow deposit due?
The initial deposit either comes with the offer or goes to the escrow agent within a set number of days. If that blank is empty, you have 3 days after the Effective Date. If you agreed to an additional deposit, it is due within 10 days unless the contract says otherwise.
Florida’s real estate rules require a broker who receives deposit money to place it in escrow by the end of the third business day. When a title company or attorney holds the deposit instead, the broker for the agent who wrote the contract generally must ask in writing for proof that it arrived. Before you wire anything, confirm the instructions by phone at a number you already trust.
What can you do during the inspection period?
The default inspection period is 15 days. It is your window to look closely. Common choices include a general home inspection, a wind mitigation report and a four-point report on an older home. Your insurance agent can tell you which reports a carrier will want. Some buyers also add a termite inspection, a sewer scope or a pool check.
Under the AS IS contract, the seller does not promise repairs. You may cancel for any reason by written notice before the period ends, and your deposit comes back. If the period ends without notice, you accept the home’s condition. You also pay for the inspections and for any damage they cause.
If the home sits in a special flood hazard area and its elevation or flood insurance eligibility falls short, the contract gives a separate window to cancel. It is 20 days by default.
How does the loan approval period work?
If your purchase is financed, you apply for the loan within 5 days. The loan approval period is 30 days. The appraisal is part of that approval.
Before the period ends, send one of two written notices. Either you have approval, or you are satisfied you can get it and will close. If you cannot get approval after a good faith effort, you may cancel in writing before the period ends and get the deposit back. If you send no notice at all, the contract moves forward as if there were no financing contingency, and the seller gets 3 days to cancel.
Answer lender requests the same day if you can. Hold off on new credit, big purchases or a job change until after closing.
What does the title work cover?
The title commitment is due at least 15 days before closing, or 5 days for a cash purchase. It shows what the title insurer will cover and what it will not. You have 5 days after you receive it to raise any problem in writing. The seller then has time to fix it.
What if the home is in an HOA or a condo?
Some Broward communities ask buyers to apply for approval before closing. Start the application as soon as the contract is signed. Ask your agent for the association’s usual timeline and fees, and plan your closing date around them.
When do you see your final numbers?
For most home loans, federal rules say you must receive your Closing Disclosure at least three business days before closing. If the lender cannot meet that rule after your loan is approved and underwritten, the contract extends closing by up to 7 days. Compare the Closing Disclosure with your Loan Estimate line by line. Our Broward closing costs guide explains each charge.
What happens at the walk-through?
You or your agent may walk through the home the day before closing or on closing day, before you sign. The purpose is narrow. Confirm that the items in the contract are still there and that the seller kept the home in the condition the contract requires. Run the faucets, the AC and the appliances. Bring the contract’s list of included items.
What does a Broward escrow timeline look like?
These are the contract’s defaults when the blanks are left empty. Day 0 is the Effective Date.
| When | What happens |
|---|---|
| Day 0 | Contract fully signed and delivered |
| By day 3 | Initial deposit to the escrow agent |
| By day 5 | Loan application submitted |
| By day 10 | Additional deposit, if any |
| By day 15 | Inspection period ends |
| By day 20 | Flood zone cancellation window ends |
| By day 30 | Loan approval period ends |
| 15 days before closing | Title commitment due |
| 3 business days before closing | You receive the Closing Disclosure |
| Day before or day of closing | Walk-through |
What happens on closing day?
You sign the loan and closing papers. The closing agent confirms the funds have arrived, pays everyone and records the deed. Unless your contract says otherwise, the seller hands over possession at closing.
What should you do after closing?
If the home is your permanent residence on January 1, apply for the homestead exemption with the Broward County Property Appraiser by March 1. Expect your tax bill to differ from the seller’s. A sale resets the assessed value to full just value on the next January 1. If you are moving from another Florida homestead, read our note on taking your homestead savings with you.
What else do buyers ask about escrow?
Can a deadline be changed?
Yes, but only in writing signed by both sides. A text or a verbal okay does not change the contract.
What if I miss a deadline?
It depends on which one. Missing the end of the inspection period or the loan approval period can cost you the right to cancel and get your deposit back. Talk to your agent before the date, not after.
Ready to start looking? Browse homes for sale or call the Melecia Johnson Team at (954) 980-0006.
Melecia Johnson, Florida licensed real estate broker, BK3251569, Damelecia, Inc.
General information, not legal advice. Contract terms vary. Read your own contract and ask a Florida real estate attorney about your rights.
Sources: Florida Realtors and Florida Bar AS IS contract (ASIS-7x); Rule 61J2-14.008, F.A.C.; Section 475.25, Florida Statutes; Regulation Z, 12 CFR 1026.19; Sections 193.155 and 196.011, Florida Statutes.
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