Rental Basics in 33141>Question Details

quista12, Renter in Painted Post, NY

How do I verify my realtor is putting the deposit for my apartment into a legitimate escrow account?

Asked by quista12, Painted Post, NY Sun Jul 13, 2014

I am moving sight unseen from NY to Miami. I found the property/realtor on Craigslist. I checked that the apartment listing is legit and my realtor is licensed. What for of payment should I use to pay the deposit to the escrow account? I have done this once before and it worked out fine however it was 5 yrs ago and I don't really remember the entire process. I just want to make sure I am protecting myself and my money.

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Answers

9
Have the agent give you a deposit receipt
0 votes Thank Flag Link Tue Jan 6, 2015
Ask for a receipt or follow them to the bank.
0 votes Thank Flag Link Tue Jan 6, 2015
Escrow letter from the brokerage holding the escrow funds should do the job.
If you are super cautious - call the company to see if the letter came from them, and if they are a licensed company.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
305-904-2355
0 votes Thank Flag Link Tue Jan 6, 2015
I certainly hope you checked the status of the license through the Department of Business and Professional Regulations and also that somehow you made sure the person at the other end of the line is who he/she says he/she is. You must use EXTREME caution now a days when securing a rental in Miami Dade County.

Documents? Receipts? Common!! Tenants presented me, actually presented the SHERIFF!! a forged 3rd party affidavit about a month ago on a scheduled eviction.

Critical and sad situation with the rentals in Miami Dade, I truly feel for those who need to secure one through a long distance arrangement.

RENTERS BEWARE!!!
0 votes Thank Flag Link Thu Jul 17, 2014
Ask for a receipt or a verification of escrow deposit.
0 votes Thank Flag Link Wed Jul 16, 2014
Consider contacting the agent's agent/manager and request an "escrow verification" for your deposit. This is a fairly common request and one quickly and easily handled and should provide you with the date received, amount, and the name of the concern holding your funds.

Hope this is helpful.

Bill
0 votes Thank Flag Link Wed Jul 16, 2014
Very easy to call the Broker or Manager of the office the Realtor works for and they can verify the escrow information quite easily. Additionally, if it is a big firm or company you run less risk of a "shady deal" you should have no problem verifying a legitimate escrow accoun
Javier Olmedo, Realtor
Keller Williams Realty
0 votes Thank Flag Link Tue Jul 15, 2014
Hi Quista12,

Thanks for your inquiry. It's necessary to always exercise caution in any real estate transaction. You're doing the right thing asking questions to protect yourself and money. The rental process is fairly simple in South Florida but differs greatly than some states. For example, its customary for landlords to request the selling or listing broker have receipt of escrow deposit before considering an offer. However a real estate agent must deliver the check to his/her broker or selling broker no later than the end of the next business day after they've received them from you.

Under Chapter 61J2-14.010, Florida Administrative Code, and Section 475.25(1)(k), Florida Statutes... 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 the real estate agent or any other representative of the brokerage constitutes receipt by the broker for this purpose.

Money or cashier's check is the common form of payment for escrow. Personal checks are not acceptable forms of payment. The check should be made out to either the selling or listing brokerage. Escrow deposit will go towards rental move in amount. Contact via Trulia or call 786-704-8482 if you have questions.


Andre Shambley

Licensed Real Estate Agent

The Condo Shop | Decorus Realty

16850 Collins Avenue, Suite 105

Sunny Isles Beach, FL 33160

T: 786.704.8482 | http://www.TheCondoShopMiami.com
0 votes Thank Flag Link Tue Jul 15, 2014
Craigslist I would use extreme caution. I have seen some scary stuff happen. Like an agent move a tenant into a home that is actively for sale as a foreclosure and then the tenant is left is a big mess getting evicted.

As a consumer it is hard for you to check and verify the listing is a real deal. Only agents can look up the true listing details of a property.

If you want send me an email and I can check the listing and if all verifies then go ahead with your transaction. My email is: info@stephanieleon.net

When money is held in escrow they will provided you with a letter as a receipt of payment and the funds should be held in the name of the Real Estate Brokerage not an agents name. So, make sure the agent works for a Broker and the fund are being held in the broker's escrow account.
0 votes Thank Flag Link Mon Jul 14, 2014
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