Florida Home Purchase Closed And Funded, But Seller’s Bank Rejected Their Wire — Seller’s Attorney Says We Can’t Take Possession. What Are Our Rights?

Location: Miami, FL

My wife and I recently purchased a home in Miami-Dade County, Florida using the standard Florida Realtors / Florida Bar AS-IS Residential Contract for Sale and Purchase

Here is the timeline of what happened:

• We signed all closing documents with the title company.

• We wired our cash to close to the title company.

• The lender funded the loan.

• The title company confirmed in writing that the transaction has “closed and funded.”

• The warranty deed transferring the property to us was executed and delivered.

However, after closing, the title company attempted to wire the seller’s proceeds to the seller’s bank, and the bank apparently rejected or flagged the wire transfer.

Because of this, the seller’s attorney is now saying that the transaction is not fully consummated until the seller confirms receipt of their proceeds, and they are advising the sellers not to release possession of the property or provide keys yet.

The seller’s attorney also stated that prior to transmitting the seller’s executed closing documents, their office provided the title company with written escrow instructions directing that the seller documents should not be released until the seller confirmed receipt of their funds. They argue that since the seller has not yet confirmed receiving the wire (due to the bank issue), the transaction should not be considered complete and possession should not transfer yet.

However, the title company disagrees with this position. They have stated that under the AS-IS contract, a transaction is considered closed and funded once all documents are fully executed and the title company is in possession of all closing funds, which has already occurred in this case.

From our perspective as buyers:

• We completed all obligations under the contract.

• The issue appears to be between the seller and their bank.

• The title company has confirmed the closing occurred.

• We have already moved out of our previous residence and had scheduled work on the property (termite tenting) before moving in.

We are trying to remain cooperative and avoid escalating the situation, but we are unsure about our rights regarding possession.

My question is:

Under Florida law and the Florida Realtors AS-IS contract, if a real estate transaction has already closed and funded but the seller’s bank has not yet released their wire due to a banking issue, does the buyer legally have the right to take possession of the property? Or is it reasonable that possession could be delayed until the seller confirms receipt of their funds?