Legal Updates From David S. Ged, P.A.

Effective Dec. 6, 2007, new Florida administrative rule, Fla. Admin. Code R. 61j2-14.008(2) (b), requires real estate licensees who prepare or present a sales contract to state on the contract the name, address, and telephone number of the attorney or title company who will be holding a deposit. It requires the licensee’s broker to request written verification of the receipt of the deposit from the attorney or title company within three business days after each deposit is due.

Follow up:

It further requires that within 10 days after the request the broker must provide the seller’s broker, or the seller directly, if unrepresented, with either the verification or written notice that the broker did not receive verification. The rule governs only real estate licensees, and thus it does not require an attorney or title company to provide the written verification.