Key Concepts Regarding Florida Escrow Accounts

• Broker may open an escrow account in a Florida bank, savings association, or credit union. • Broker must be a signatory on the escrow account.
• Broker must review, sign, and date the monthly reconciliation statements.
• Broker must review the company's escrow accounting procedures.
• If the broker chooses not to open an escrow account the funds may be held by a title company or in an attorneys trust account.
• Brokers must maintain records of real estate transactions for five years. regardless of whether
  escrow funds were pledged (or two years after litigation if beyond the five-year period).

P,Stone, RRES