How do I get confirmation of the receipt of an escrow in residential real estate?
So, in this article I talk about the benefits of having a Lic Florida Real Estate Brokerage act as the Escrow Agent in a real estate transaction BUT these are now few and far between. R&R Realty still maintains an escrow account but most agencies pass this off to an “affiliate” or some other company that could be a lawyers office or a title & closing agency that will also act as the Escrow Agent. The Florida Administrative Code 61J2-14.008 (2)(b) states:
(b) When a deposit is placed or to be placed with a title company or an attorney, the licensee who prepared or presented the sales contract (“Licensee”), shall indicate on that contract the name, address, and telephone number of such title company or attorney. Within ten (10) business days after each deposit is due under the sales contract, the Licensee’s broker shall make written request to the title company or attorney to provide written verification of receipt of the deposit, unless the deposit is held by a title company or by an attorney nominated in writing by a seller or seller’s agent. Within ten (10) business days of the date the Licensee’s broker made the written request for verification of the deposit, the Licensee’s broker shall provide Seller’s broker with either a copy of the written verification, or, if no verification is received by Licensee’s broker, written notice that Licensee’s broker did not receive verification of the deposit. If Seller is not represented by a broker, then Licensee’s broker shall notify the Seller directly in the same manner indicated herein.
To assist the Licensee’s broker who is REQUIRED to verify that the funds have been deposited there is a form but it’s use is NOT required by the FAC.
