Not just anyone can sit on your stack of cash while the details of your real estate transaction are finalized. Here in Florida, you need a qualified escrow agent to keep both parties accountable until the deal is done.
In this blog post, we discuss who to turn to for escrow services, the roles and responsibilities of an escrow agent, and why you need one for your real estate transaction.
What are Florida’s Escrow Laws?
Escrow laws in Florida are stipulated under Florida Statute § 651.033 and are designed to protect the interests of both buyers and sellers during the real estate transaction process. When funds must be deposited in an escrow account, Florida escrow laws dictate that escrow funds must be deposited with a qualified financial institution.
Who Can Be an Escrow Agent?
Escrow agents are neutral third parties who hold funds and documents on behalf of both parties involved in a real estate transaction. Escrows do not close until the real estate transaction has been finalized. That means all obligations of the purchase agreement have been met, the sellers have received their money, and the title has been transferred.
An escrow agent can be an attorney, title company, real estate broker, or other qualified third party. Because the escrow agent is responsible for holding and disbursing funds according to the terms of the real estate contract, you want to be sure to choose a licensed and reputable professional to act as your escrow agent.
Title companies and real estate attorneys are among the most frequently used escrow agents in Florida real estate deals. Title companies are licensed by the state to handle escrow and ensure the proper transfer of the title. Moreover, because they also provide title insurance and closing services, they can be a one-stop shop for all your real estate closing needs.
Likewise, attorneys who specialize in real estate law can also be good choices to serve as your escrow agent, especially in complex real estate transactions and those that would benefit from having a legal expert oversee the transaction.
Contact our Team at Sirulnik Law and ADS Title Services
Fortunately for you, regardless of your needs or preferences, our team at the Law Offices of Alex D. Sirulnik, P.A. and ADS Title Services, Inc. can deliver. Our dedicated team of attorneys provides personalized real estate and commercial legal services for matters of any size and for clients from all around the world. And, as a full-service title insurance agent, ADS Title Services, Inc. offers escrow services, title insurance, and guidance each step of the way to ensure a smooth settlement process for buyers like you.
To learn more about how we can help you with your real estate negotiation and closing processes, contact our team to request a free consultation.
