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A: More than likely, this is based on the title company’s internal policy not to release escrowed funds unless it receives a release and cancellation signed by both buyer and seller. This is not related to the terms of the contract between buyer and seller. Although this is a common policy, either party may ask the title company if there are other circumstances under which it would be willing to disburse the deposit.
A: No. Although Rule 61J2-14.010(1), Florida Administrative Code, provides that at least one broker must be a signatory on all escrow accounts, Florida Real Estate Commission (FREC) does not have a parallel rule about operating accounts.
A: Under Chapter 61J2-14.010,Florida Administrative Code, and Section 475.25(1)(k), Florida Statutes, the rules are the same whether or not you personally have an escrow account. If a broker has received funds, or any item of value, from any person interested in a real estate transaction, the money or item of value must be placed immediately into a bank, credit union, title company or into any insured escrow or trust account. Immediately is defined as placement of a deposit in a trust account no later than the end of the third business day following receipt of the item to be deposited. Weekend days and holidays are not considered to be business days. Receipt by a sales associate or any other representative of the brokerage constitutes receipt by the broker for this purpose.
• The date the reconciliation was undertaken;
• The date used to reconcile the balances;
• The name(s) of the bank(s);
• The name(s) of the account(s);
• The account number(s), account balance(s) and the date(s);
• Deposits in transit;
• Outstanding checks identified by date and check number;
• An itemized list of the broker’s trust liability; and
•Any other items necessary to reconcile the bank account balance with the balance per the broker’s checkbook and other trust account books and records disclosing the date of receipt and the source of the funds.
The broker is required to review, sign and date the monthly reconciliation statement.
To provide help in preparing the monthly reconciliation statement, Florida Realtors® provides its members with forms they may use: “Monthly Reconciliation Statement Real Estate Trust Account” (MSR-5) and “Monthly Reconciliation Statement Real Estate Trust Account Addendum” (MSRA-1). These forms are available through the Form Simplicity™ document management system.