Q: I’m a broker and have chosen not to have an escrow account. What are the rules for depositing escrow?
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.