topfa2003, Home Buyer in Daytona Beach Shores,...

Deposit at Escrow in Florida is safe?

Asked by topfa2003, Daytona Beach Shores, FL Mon Oct 29, 2012

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When you ask if a deposit is safe, do you mean can you get it back if the transaction does not close? IF that IS the case, then, unless the nature of your entire transaction is known, this is not something we can answer. If what you are asking is IF your escrow deposit will be held safely and in accordance with Florida real estate laws, then just make sure the title company, real estate company or attorney who will be holding your escrow monies are REPUTABLE. Yes, real estate brokers, etc. have been know to steal escrow monies and will be prosecuted for doing so, however, sometimes unsuccessfully. This actually happened to friends of ours, years ago, in the Florida Keys. Their rental deposits were stolen by the real estate broker and he absconded with the funds and they never got the money back.
0 votes Thank Flag Link Mon Oct 29, 2012
There are many rules and regulations in place to keep it safe, with Title Companies, Attorneys and real estate brokers.
0 votes Thank Flag Link Mon Oct 29, 2012
Why wouldn't it be safe to hold escrow in Florida?
0 votes Thank Flag Link Mon Oct 29, 2012
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