In the State of Florida, the transfer of real estate is typically handled by the use of a Title Company. Once an offer for purchase has been reached by both parties, a Title Company usually selected by the Seller will handle the closing of the property. The job of the Title Company is to handle all funds related to the sale, check for any liens or encumbrances, facilitate the sale, and issue clear title of the property.
Essentially the Title Company is at the center of the transaction until the sale has been completed. All down payments or deposits are held in possession of the Title Company in an escrow account that is set up for each client. These moneys are protected from both Buyer and/or Seller. Neither party can claim these funds without the written release of the other party.
A typical Real Estate transaction take’s about 30 days to complete from start to finish. There are times that a closing may take longer in which both parties agree to extend the closing time of the contract. For foreign nationals it is suggested to add extra time to help facilitate the closing times.
When the closing is complete (both parties sign the closing documents) and the funds have transferred from the Buyer to the Seller, the property is now legally yours. A Deed for the property will be issued to you in about 7-8 weeks which shows you as legal owner of the property. This document is processed by the county where the property is located.