Title Company & Attorney Accounts

Brokers don't have to open an escrow account. They can choose to let a Title Company or an Attorney hold the deposit instead.The Protocol: If a Title Company holds the money, the Broker must get a written receipt from them within 10 business days of the deposit being made to prove the money is safe.Conflicting Demands - What happens if a deal falls apart? The buyer says, "Give me my deposit back!" The seller says, "No, release it to me because they broke the contract!" This is a Conflicting Demand.The Rule: The broker cannot just pick a winner. The money is frozen.Immediate Action: The sales associate must tell their broker immediately (by the next business day).Notification: The Broker must notify the FREC (Florida Real Estate Commission) in writing within 15 business days of receiving the conflicting demands.Brokers must institute one of the settlement procedures within 30 business days of receiving conflicting demands or of having a good-faith doubt. The four settlement procedures are (1) mediation, (2) arbitration, (3) litigation, and (4) escrow disbursement order.