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ESCROW RULE CHANGES

The Florida Real Estate Commission amended its rule regarding escrow deposits that apply to sale and purchase contracts where the attorney or title company is the escrow agent. 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 a deposit is due – either an initial deposit or an additional one – the licensee’s broker must make a written request to the escrow agent for a written verification that the deposit has been made. Within 10 business days after making the request for written verification, 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. Questions? Contact FAR’s Legal Hotline at (407) 438-1409.