What Happens After Your Offer Is Accepted in Miami: A Buyer's Timeline
What happens after a buyer's offer is accepted in Miami?
After your offer is accepted in Miami, you have 3 business days to wire your earnest money deposit -- typically 3-10% of the purchase price -- into escrow. You then enter a 15-calendar-day inspection period under the Florida AS-IS contract, during which you can cancel for any reason and receive your full deposit back. Simultaneously, you need to move quickly on homeowner's insurance quotes (Florida's insurance market makes this non-negotiable), title work, and mortgage underwriting if you're financing. Financed closings in Miami typically take 30-45 days from acceptance; cash deals often close in 2-3 weeks.
By Lynley Ciorobea | June 22, 2026
You just got the call. Your offer was accepted. Take a breath -- and then get moving, because the 15 days that follow are the most consequential in your entire home buying process.
Most buyers think the hard part is over. In Miami, it's just beginning.
The period between accepted offer and closing keys is packed with deadlines, inspections, insurance hurdles, and decisions that can protect your deposit or put it at risk. Here's exactly what happens -- and when.
The First 72 Hours: Your Earnest Money Is Due
Within 3 business days of your accepted offer, you need to wire your earnest money deposit into escrow. This is held by the title company or closing attorney named in the contract.
How much? In Miami's luxury market, earnest money typically runs 3-10% of the purchase price. On a $2M home in Pinecrest or Coral Gables, that's $60,000 to $200,000 wired within days of acceptance. This is meaningfully higher than the national norm of 1-3%, and it signals commitment in a market where sellers take deposit size seriously.
The earnest money is yours -- as long as you know how the contract protects it.
Under the Florida AS-IS contract (the dominant contract form in South Florida), you have a full inspection period to evaluate the property. If you cancel for any reason during that window -- for any reason at all -- you receive your full deposit back. Once that window closes, the rules change entirely.
The Inspection Period: Your Most Important Window
The standard inspection period under the Florida AS-IS contract is 15 calendar days from the effective date, though this is negotiable. In today's more balanced Miami market (SFH inventory is sitting at roughly 5.4 months), most contracts preserve the full 15 days. During peak competition in 2021-2022, many buyers were pressured to shorten this. You don't need to make that concession right now.
What to order during the inspection period:
General home inspection -- the foundation of your due diligence. Covers structure, roof, electrical, plumbing, HVAC, and more. Cost: $400-$850 for most Miami homes depending on size and age.
4-Point inspection -- required by most Florida insurance carriers before they'll issue a homeowner's policy on any home built before roughly 2002. This assesses the four main systems: roof, electrical, plumbing, and HVAC. If the home fails a 4-point (common with older wiring or an aging roof), you'll need to know before you release your inspection contingency.
Wind mitigation inspection -- separate from the 4-point, this evaluates hurricane-resistance features. A good wind mitigation report can reduce your homeowner's insurance premium by 20-45%, sometimes more. Always worth the $100-$150 fee.
WDO (Wood-Destroying Organism) inspection -- checks for termites and wood-destroying insects. Required by most lenders.
For waterfront homes in Cocoplum, Old Cutler Bay, or along the Coconut Grove bayfront, you may also want to add a seawall inspection and a marine survey if there's a dock. These are specialized and take extra coordination -- plan for them early.
What you're evaluating isn't just the condition of the home. It's whether you can insure it, finance it, and live in it without a surprise expense arriving at your door.
Your right to cancel: Under Florida's AS-IS contract, you can back out during the inspection period for any reason -- the AC unit you don't like, a gut feeling, a price that no longer feels right. Your deposit comes back in full. Once the inspection period expires, your leverage is gone. Know your deadline and act before it passes.
Insurance: Start Immediately, Not at Week Two
Here is where many buyers make a costly mistake: they wait until they've reviewed inspection results to start the insurance conversation. In Miami, that can blow your closing timeline.
Florida's property insurance market is genuinely difficult. Carriers are picky about roof age, electrical systems, and flood zone designation. Some carriers have pulled out of the state entirely. Getting a quote -- especially if the home has a roof over 15 years old or sits in an AE or VE flood zone -- can take longer than you expect.
Start your insurance search on Day 1 of the inspection period, not Day 14.
What you'll need to think through:
Homeowner's insurance -- your lender will require this before funding. Get multiple quotes early.
Flood insurance -- if the home is in a designated flood zone (common in parts of Coconut Grove and waterfront Coral Gables), you'll need a separate flood policy. Note that the standard NFIP policy caps at $250,000 -- far below the value of most homes in this price range. Most luxury buyers in Miami use private flood insurance from carriers like Chubb, AIG, or Aon Edge. Here's what Miami buyers need to know about flood insurance before closing.
If the home has a roof over 15-20 years old, some carriers will decline to insure it at all. This is important information before you release your inspection contingency -- and it's one more reason to run the 4-point inspection early rather than late.
Title Work and a Miami-Specific Surprise
While you're managing inspections and insurance, the title company is running a title search in the background.
The title search confirms that the seller actually owns the property, that there are no outstanding liens (from unpaid HOA dues, contractor work, or prior mortgages), and that the property can transfer to you with clear title. This process typically takes 1-2 weeks.
Here's the Miami-specific detail most out-of-state buyers don't know: in Miami-Dade, the buyer typically pays for the owner's title insurance policy. This is the opposite of almost every other Florida county -- and the opposite of most of the country. It's a local custom that's generally reflected in the contract, but if you moved here from New York or California, don't assume the seller is covering it.
Owner's title insurance on a $2M Miami home runs roughly $9,000-$12,000. Not pocket change. Make sure you've factored this into your closing cost budget. For a full breakdown of what you'll pay at closing, see this guide to closing costs for buyers in Miami-Dade.
The Mortgage Lane (If You're Financing)
If you're purchasing with a mortgage, your lender is running a parallel process: reviewing your full financial file, ordering an appraisal, and preparing to issue a loan commitment.
A few things to know about this stretch:
Don't do anything to your finances. No new credit cards, no large purchases, no career changes. Lenders pull your credit again before closing and any changes can delay or derail the process.
The appraisal. Your lender will order an independent appraisal to confirm the home is worth what you agreed to pay. If the appraisal comes in below the purchase price, you'll face a choice: pay the gap in cash, renegotiate with the seller, or walk away (if your contract includes an appraisal contingency). In Miami's luxury market, where comps are often scarce and properties are unique, appraisal gaps can happen -- especially in neighborhoods like High Pines, Hammock Lakes, or Stonegate where homes don't change hands frequently.
Financing contingency deadlines. Your contract sets a financing contingency deadline -- typically 21-30 days after the effective date. If you can't secure financing by that deadline and need to cancel, make sure you (or your agent) provides written notice using the correct CRSP form. Failing to follow the contractual process can put your deposit at risk even if your financing genuinely fell through.
Loan limits. For Miami-Dade, conforming loan limits sit at $766,550 in 2026 for a single-family home. Anything above that is a jumbo loan, which most luxury buyers in this market are working with. Jumbo underwriting tends to be more documentation-intensive and slightly slower.
Final Walkthrough and Closing Day
A day or two before closing, you'll do a final walkthrough of the property. This isn't a second inspection -- it's a check to confirm the home is in the same condition as when you agreed to buy it, that any agreed-upon repairs were completed, and that nothing has changed.
Check appliances, run the faucets, test the AC, and make sure nothing was left behind or damaged during the seller's move-out.
Closing day is when you sign, fund, and take ownership.
For financed deals, expect a substantial stack of loan documents -- often 100+ pages. You're signing for the mortgage note, the deed, and various lender disclosures. For cash deals, it's far simpler: the deed, a few closing documents, and a wire transfer.
You don't need an attorney present at closing in Florida (the state doesn't require one), but the title company manages the closing and ensures everything is properly recorded. If you're an out-of-state buyer who can't travel, Remote Online Notarization (RON) is now fully legal in Florida -- you can sign your closing documents from your laptop anywhere in the country.
Timeline from accepted offer to keys:
Financed buyers: typically 30-45 days
Cash buyers: typically 14-21 days
Once everything is funded and the deed is recorded, the title company notifies both sides. You get the keys.
One more item to do immediately after closing: file for your Florida homestead exemption if this will be your primary residence. The deadline is March 1 of the following year, but the sooner you understand the process, the better. Here's a full breakdown of what Miami buyers need to know about the homestead exemption.
Frequently Asked Questions
How much earnest money do buyers typically put down in Miami?
In Miami's luxury market, earnest money deposits generally run 3-10% of the purchase price -- significantly higher than the national norm of 1-3%. On a $2M home, that means wiring $60,000 to $200,000 into escrow within 3 business days of acceptance. Sellers in Coral Gables, Pinecrest, and Coconut Grove pay close attention to deposit size as a signal of buyer commitment.
Can a buyer back out after a home inspection in Florida?
Yes -- under the Florida AS-IS contract (the dominant form in South Florida), buyers can cancel during the inspection period for any reason and receive their full earnest money deposit back. The standard inspection period is 15 calendar days from the effective date. Once that window closes, canceling for inspection-related reasons is no longer protected, and the deposit can be at risk.
Who pays for title insurance when buying a home in Miami-Dade?
In Miami-Dade County, the buyer typically pays for the owner's title insurance policy -- the opposite of most other Florida counties and most of the United States. This local custom is usually reflected in the contract, but out-of-state buyers are often surprised by it. Owner's title insurance on a $2M Miami home typically costs $9,000-$12,000 and should be factored into your closing cost budget.
How long does it take to close on a house in Miami?
Most financed home purchases in Miami close 30-45 days after the offer is accepted. Cash deals often close in 14-21 days. Jumbo loan purchases (anything above $766,550 for 2026 conforming limits) can sometimes take longer due to more detailed underwriting requirements.
What inspections do Miami home buyers need?
In Miami, buyers should plan for four types: a general home inspection, a 4-point inspection (required by most insurance carriers for homes built before roughly 2002), a wind mitigation inspection (reduces insurance premiums), and a WDO inspection (termite/wood-destroying organisms, required by most lenders). Waterfront properties may also need a seawall or dock inspection. Budget $600-$1,000 for the full suite.
Navigating the period between offer and closing in Miami requires real local knowledge -- from insurance quirks unique to Florida to the title insurance custom that catches out-of-state buyers off guard.
If you're working through this process right now, or getting ready to start your search, I'm happy to walk you through it. Reach out anytime at lynleyresidential.com.
About Lynley Ciorobea
Lynley Ciorobea is a Miami-born real estate professional known for helping homeowners successfully prepare, position, and sell their homes across Coral Gables, South Miami, Pinecrest, Palmetto Bay, and the surrounding southern Miami neighborhoods. Since 2007, she has built her business around thoughtful strategy, strong negotiation, and a marketing-first approach designed to help listings stand out in an ever-evolving market.
A true local, Lynley grew up in Pinecrest and graduated from Palmer Trinity School before attending Duke University, where she earned a BA in Psychology. Her deep roots in Miami give her a nuanced understanding of the architecture, lifestyle, and character that make each neighborhood distinct. From classic Old Spanish homes in Coral Gables to newer construction in South Miami and Pinecrest, she brings a local perspective that goes far beyond surface-level market knowledge.
Over the years, Lynley has naturally become a trusted resource for homeowners preparing to sell. Many of her clients come to her long before their home ever hits the market, looking for guidance on timing, pricing, improvements, and how to position their property thoughtfully. She approaches each listing as a strategic launch rather than a simple transaction, combining market insight, negotiation experience, and elevated marketing to help sellers move forward with clarity and confidence.
As the founder of the Lynley Residential Group, Lynley remains personally involved in every listing she represents. She leads each transaction from initial strategy through closing, ensuring that every detail — from pricing and preparation to storytelling and exposure — reflects the uniqueness of the home itself. Her work often centers on architecturally interesting properties and homes where thoughtful positioning can make a meaningful difference in outcome.
Throughout her career, Lynley has consistently ranked among the top real estate agents in Miami. She has been recognized as part of EWM's Chairman's Club, placing in the top 5% of the company; in 2022 she was honored as the #2 individual agent at the company overall with $37 million in annual sales; and she's a leader in Miami with Real Broker. With more than $100 million in career transactions and more than 60 5-star Google reviews, her experience spans a wide range of property types while maintaining a strong focus on seller representation in southern Miami.
Beyond her work with clients, Lynley is known locally for her market insight and community-focused content. Through her weekly newsletter, neighborhood videos, blog posts, and social media, she shares thoughtful perspectives on the Miami real estate market and the lifestyle that surrounds it. Her approach is informative without being overwhelming, offering homeowners a clear understanding of how market conditions affect real decisions.
If you're preparing to sell a home in Coral Gables, Coconut Grove, South Miami, Pinecrest, Palmetto Bay, or nearby areas, Lynley offers a local perspective shaped by experience, relationships, and a genuine understanding of what makes Miami homes so special. Learn more at lynleyresidential.com.