How to Buy Property in Florida. Step 5 of 12.

Understand the purchase process. Once a price is agreed, the purchaser pays a small goodwill deposit before making a formal offer in the form of a purchase contract. When signed, this is binding, though contingency clauses allow either side to withdraw in defined circumstances. A 10 per cent deposit is then paid into an escrow account. A title insurance company scrutinises the public records and insures the property against any third party claims. Completion, including the transfer of the balance of the purchase price into the escrow account, can then take place.

Source:Wikihow
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