If a buyer and seller both claim a deposit held in a Florida real estate broker's escrow account, what settlement procedures can the broker use?
Staff Q&A from the 63Hours team.
Ask clear questions about the Florida real estate course and learn from course-specific answers.
If a buyer and seller both claim a deposit held in a Florida real estate broker's escrow account, what settlement procedures can the broker use?
Staff Q&A from the 63Hours team.
The four procedures are an escrow disbursement order, arbitration, litigation, and mediation. Their requirements differ. Naming a procedure is not permission for the broker to ignore reporting, timing, or consent requirements.
The DBPR escrow-dispute guidance describes the routes for disputed funds held by a real estate broker:
Imagine a canceled sale in which the buyer requests a refund and the seller demands the deposit. The broker should not decide ownership merely because one party calls first, threatens a complaint, or insists the contract is obvious. The competing claims must be handled through the applicable process.
Mediation is also different from asking a decision-maker to rule. Its purpose is to help the parties reach a settlement. If they do not settle, the fact that they talked does not itself authorize a disbursement.
Keep the escrow holder in view. This answer concerns a real estate broker's escrow account. Do not assume the same FREC procedure applies unchanged to money held by an attorney or title company.
For an actual dispute, the broker should promptly review the applicable law, rules, contract, and legal advice rather than wait for the parties to work it out informally. Our brokerage and escrow guide explains the account-handling context around these procedures.
Create an account today to enjoy exclusive features and engage with our awesome community!
Sign up| Related Posts | Replies | Views | Activity | |
|---|---|---|---|---|
|
|
1
Oct 26
|
5 | ||
|
|
1
Oct 26
|
6 | ||
|
|
1
Oct 26
|
5 | ||
|
|
1
Oct 26
|
4 | ||
|
|
1
Oct 26
|
3 |