Recent Changes Made to Escrow Rules     *Be in the Know

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.

Kathy Hyatt   Ft. Lauderdale, Florida