Money matters: Escrow deposits

New rules regarding escrow deposits are now in effect. Rule 61J2-14.008 of the Florida Administrative Code now requires licensees who prepare or present an offer to indicate 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 needed to write 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. Please note that all communication must be in writing.

Questions? Contact FAR's Legal Hotline at 407.438.1409.