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Sept. 16: FREC to set penalty for new escrow rule

The Florida Real Estate Commission (FREC) will determine penalties for real estate licensees found guilty of violating Rule 61J2-14.008 of the Florida Administrative Code when it meets next week. If you’d like to voice your opinion about the penalties being considered, plan to attend on Sept. 16 – the first day of the two-day meeting – at the Division of Real Estate, 400 West Robinson St., Orlando. The meeting begins at 8:30 a.m.

The rule, which went into effect earlier this year, 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. 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 of the deposit.

Within 10 business days after making written request to the escrow agent for written verification of the deposit, 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.

If you have questions about the rule, contact FAR’s Legal Hotline at (407) 438-1409, a free call for FAR members except for any long distance phone charges.

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