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New Escrow Rules:

Money Matters

A reminder that the Florida Real Estate Commission approved new rules regarding escrow deposits. Rule 61J2-14.008 of the Florida Administrative Code now requires licensees who prepare or present an offer to provide the name, address and telephone number of the attorney or title company that will serve as escrow agent.

The most recent versions of the FAR and FAR/BAR contract forms provide the space for the necessary information. Within three business days after initial and subsequent deposits are due under the contract, the licensee’s broker must make written request to the escrow agent for written verification that the deposit has been made.
Within 10 business days after making the request for written verification from the escrow agent that the deposit has been made, the licensee’s broker must provide the seller’s broker, or the seller directly if the seller has no broker, with a copy of the written verification provided by the escrow agent or written notice that the licensee’s broker did not receive verification from the escrow agent. All communication must be in writing.

Still have questions? Read Florida Realtor magazine’s February 2008 Know the Law article: “Escrow: The Rules Have Changed,” page 11, or call the Florida Association of Realtors’ Legal Hotline at (407) 438-1409.