BUYER AND SELLERS GUIDE

Title Transactions are done by coordinating the transaction between all parties involved, at ELP Title we aim to make the buying & selling process more efficient. As part of our commitment to ensure compliance with all Florida title insurance standards, we will prepare all closing documents carefully, and provide all necessary insurance services to make sure everything is in compliance. 

Keeping you from becoming overwhelmed by the countless details involved in selling your home is our goal. All the pieces will be put together for you by your personal closing coordinator. From preparation of a preliminary HOD closing statement to the completion of certain milestones, we will keep you updated continuously. In addition, we strive to ensure that closing documents are signed in a convenient manner for all parties.

Escrow deposits are good faith gestures made by buyers to sellers to indicate they are serious about the transaction. Without the written consent of both the buyer and seller, the escrow agent can't remove the funds once they're deposited.

There is no standard percentage that a buyer must put down for escrow in Florida. The typical example of how buyers should limit their risk is by depositing as little as possible, while sellers should require a higher deposit of around 5-10% to ensure the buyer's interest.

Property transactions can be delayed for a variety of reasons. Inspections may reveal major problems with the property that were not disclosed. If the property does not appraise for the purchase price, there are unsatisfied liens, or if the seller or buyer fail to meet their contractual obligations. Nevertheless, the deposit will stay in the escrow account until either the transaction is closed, both parties agree to release each other, or a judgement is entered against the other party. This means that both buyers and sellers can't simply take funds out of escrow if issues arise.

A seller who fails, neglects, or refuses to perform his or her obligations under the contract may fail, neglect, or refuse to do so for a variety of reasons other than failing to make the title marketable after reasonable diligence efforts. If the seller breaches the contract, the buyer may elect to receive a return of the deposit without waiving any claims for damages, and the buyer may seek damages or specific performance instead of the seller's breach.

According to the FAR/Bar contract for 2021, the buyer and seller have 10 days from the date the deposit is demanded to resolve the dispute. The buyer and seller may file an action in court if the issues are not resolved by mediation after 10 days. A prevailing party in a court action will be entitled to recover attorney's fees and costs from a non-prevailing party.

Dispute resolution over the escrow deposit must be based on the contract if the parties didn't use the FAR/BAR contract of 2021.

Sellers of residential properties in Florida are required to disclose to buyers all facts they know about the property they are buying that materially affect its value and that are not readily observable by buyers.

Although Florida law does not require a seller's property disclosure firm, it does require sellers and their realtors to disclose any significant material defects that are not readily apparent to the buyer. Inspecting the property remains the buyer's responsibility.