Florida Escrow Laws

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Florida Escrow Laws

Florida Escrow Laws


Florida Escrow Laws

Florida Escrow Laws


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Florida Escrow Laws
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Flordia escrow laws protect the buyer, seller and broker.
house image by hans slegers from Fotolia. com To protect the buyer and the seller in transactions involving large sums of money---usually the sale of a house or property---a third party holds onto the money until the transaction is completed. At the end of the transaction, the third party, usually a broker, makes sure the money and paperwork are given to the correct parties. You are considered to be in escrow as long as the broker is in possession of the money. Florida Statute 501. 1275 governs escrow proceedings and protects all parties involved.
Escrow Account
When you use a broker to purchase property, the broker will deposit your money in an escrow account he maintains and, when the transaction is completed, he will transfer that money to the seller. Florida requires this account exists within the state. Furthermore, an escrow account can only be opened at banks, trust companies, title companies or credit unions. An escrow account can not be established with a security firm. If you want your escrow account to accumulate interest, you will need written permission from all parties involved in the transaction. Also, the written document must clearly state which party will take possession of the interest. Before the money in the account can be given to the seller, it must be transferred from the interesting-bearing account to a noninterest-bearing account.
Deposit and Withdrawal
Your escrow money must be deposited by a broker in an escrow account within three business days after a receipt has been signing showing you transferred the money to the broker. Once the transaction is complete and the final order is issued, the broker should immediately pay out the money to the seller. However, Florida law does not specify a given number of days in which the broker must perform this act. But the broker can be charged with failure to comply with a final order if she does not disburse the escrow funds in a reasonable amount of time.
Disputes
If the transaction between you and the seller does not go through as planned and there is a disagreement about which party should take possession of the money, the broker has the obligation to send the Florida Real Estate Commission (FREC) written notification of the issue. The law gives him 15 days after the party s complaint to inform the FREC. The broker then has four options to settle the dispute: He can ask the FREC to make a ruling; submit the disagreement to arbitration with the consent of all vested parties; have the matter taken to court; or if he has the written permission of all involved parties, take the matter to mediation. Regardless of the broker s course of action, either party can file a civil lawsuit.
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References
My Florida: Bureau of Enforcement, Frequently Asked Questions

Realtor: What is Escrow?

Florida Government: The 2009 Florida Statutes, 501. 1375

Resources
Florida Government: The 2009 Florida Statutes, Chapter 501

Photo Credit house image by hans slegers from Fotolia. com
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