Under Contract to Closing: What Happens Week by Week in Florida

You Got the Accepted Offer — What Happens Next?

Seeing "offer accepted" is one of the best moments in the home buying process. But for most first-time buyers, what comes next is a mystery. The 30–45 days between contract acceptance and picking up your keys involves more moving pieces than most people expect, and missing a single deadline can cost you your earnest money deposit or delay your closing.

This week-by-week breakdown walks you through every stage of the Florida under-contract period so you know exactly what to do, what to watch for, and how to keep your closing on track.

What Is the "Effective Date" and Why Does It Matter?

In Florida real estate, every deadline in your contract counts from the effective date — the date the last party signed the purchase agreement. This is not necessarily the day you made your offer or the day your agent called to say it was accepted. Check your contract carefully for the effective date, because your inspection period, financing contingency, and appraisal deadline all start ticking from that moment.

Your agent will track these deadlines for you, but knowing them yourself provides an important safety net. Missing your inspection deadline means you lose the right to cancel for inspection-related reasons. Missing your financing contingency deadline can put your earnest money at risk.

What Happens in the First Week Under Contract?

The first week is your most active period as a buyer.

Order your home inspection immediately. Florida's standard contract inspection period is typically 10–15 calendar days from the effective date — weekends and holidays count. Schedule your inspector on day one or two. For Tampa Bay properties, a licensed general inspector covers the structure, roof, HVAC, plumbing, and electrical. Budget $300–$500 for a standard single-family home.

Florida's humidity and climate also warrant additional inspections. A termite/WDO (wood-destroying organism) inspection is standard practice and often required by your lender. If the home has a pool, septic system, or is older than 40 years, specialty inspections for those systems are wise. Learn what to expect from a Florida home inspection before your inspection day.

Your lender orders the appraisal. Shortly after contract execution, your lender orders an independent appraisal to confirm the property's market value supports your loan amount. For FHA loans, the appraiser must also verify the home meets HUD minimum property standards — which can trigger required repairs if the home has significant issues.

Title work begins. The title company (or real estate attorney) starts a title search, reviewing public records to confirm the seller has clear ownership and no liens, judgments, or unpaid taxes are attached to the property. This process typically runs in the background for 2–3 weeks.

What Happens in Week Two: Inspection Negotiations

Once you receive your inspection report, you and your agent review the findings together. You have several options:

• Request repairs — the seller agrees to fix specific items before closing
• Request a credit — instead of repairs, you receive money back at closing to handle repairs yourself (often preferred so you control the work quality)
• Renegotiate the price — a lower sales price reflecting needed repairs
• Walk away — if major issues are found, you can cancel within your inspection period and receive your earnest money deposit back in full

Florida's AS IS contract does not obligate the seller to make any repairs, but it does not prevent you from negotiating. Seller concessions and credits are common in Tampa Bay's current market. Barrett Henry uses inspection findings as a negotiation tool to protect buyers' interests — call (813) 733-7907 to talk through your situation.

What Happens in Weeks Two Through Four: Underwriting

After the inspection period, the focus shifts to your lender. Underwriting is the process where a human loan underwriter reviews your complete financial file — every document you submitted during pre-approval, plus new updates. This phase takes 7–14 business days for most conventional loans, and slightly longer for FHA or VA.

• Apply for or open any new credit accounts
• Make large purchases (furniture, cars, appliances)
• Change employers or go from salaried to self-employed
• Transfer or deposit unusually large sums of money without documentation

Your lender will likely issue "conditions" — additional documents or explanations they need before approving your loan. Respond quickly; delays in providing conditions push your closing date. Common conditions include written explanations for recent large deposits, updated pay stubs, or a homeowners insurance binder.

Speaking of insurance — you'll need to shop for and bind a homeowners insurance policy before your lender will issue final loan approval. In Tampa Bay, this can take more time than buyers expect due to Florida's insurance market. Shop for insurance immediately after going under contract rather than waiting until the last week.

What Happens in Week Four: Clear to Close

When your lender's underwriter approves your loan, you receive the clear to close (CTC), the green light to proceed to closing day. At this point:

• Your lender prepares final loan documents
• The title company prepares the closing package
• You receive your Closing Disclosure at least three business days before closing — federal law mandates this timeline

The Closing Disclosure details your final loan terms, interest rate, monthly payment breakdown, and exact cash needed to close. Compare it line by line to your original Loan Estimate. Lenders cannot increase certain fees beyond legal tolerances, so flag any unexpected increases to your lender immediately.

Wire funds or get a cashier's check for your down payment and closing costs. Florida title companies do not accept personal checks for large amounts. Confirm wiring instructions by phone directly with your title company — wire fraud targeting homebuyers is a real threat in Florida, and you should always verify account numbers by calling a known number before sending money.

What Happens at the Final Walkthrough and Closing Day?

Final walkthrough (24–48 hours before closing): Walk through the property with your agent to confirm nothing has changed since your offer. Test all appliances, run faucets, cycle the HVAC, and verify that agreed repairs were completed and all included items are still present. If something is wrong, your agent can address it with the seller before you sign.

Closing day: Florida closings typically take place at a title company or real estate attorney's office. Bring valid photo ID, proof of homeowners insurance, and your cashier's check or wire confirmation. You'll sign the mortgage note, the deed, and a stack of disclosure documents — dozens of signatures total. The process takes 60–90 minutes.

Once the title company records the deed with the county, you legally own the home. Keys are typically handed over immediately after recording.

What Should You Do Right After Closing?

Within days of closing, start these important tasks:

1. File for Florida's Homestead Exemption — available after January 1st of your first full year of ownership, with a March 1st application deadline. The homestead exemption reduces your taxable value by up to $50,000.
2. Set up utilities in your name and update your address
3. Change the locks on your new home
4. Document your home's condition with photos for insurance purposes

Barrett Henry, REALTOR® has guided hundreds of Tampa Bay first-time buyers from accepted offer to closing day with 23+ years of real estate experience. If you have questions about the under-contract timeline or want a trusted advocate in your corner, call (813) 733-7907 or get personalized help today.