Escrow in Florida

Hey! Edna Wilson here, your hometown realtor. This week we're going to talk about escrow money in the state of Florida. Escrow in Florida is that good faith money, it's money that you're going to put in with the title company to hold that house for you. Now let me tell you, in the due diligence period of your inspection period which is typically 7-10 days, you can back out of that contract for any reason. Like you don't like the house actually, or you buy another house, your dog dies, you break your leg, whatever it is, you can back out in those first few days of the inspection period, but after the inspection period is over, you're committed, you go all the way through the entire thing. The only reason you would get that money back is if something happened with the financing and you couldn't get financed. Now as a seller, think about this in the state of Florida, we typically see a thousand dollar escrow deposits typically. Well if you come all the way up and Billy and Bob decide not to buy the house three days before closing, guess what, you're out a lot more than a thousand dollars. You're already packed and ready to move and you have the movers ready to come and now the house isn't closing. Always think long and hard before you take a small escrow deposit.