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Important Tips for Completing a Residential Contract for Sale and Purchase – Part 13: Escrow Agent and Broker

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Important Tips for Completing a Residential Contract for Sale and Purchase – Part 13: Escrow Agent and Broker

December 1, 2015
Tanishia Stokes
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Escrow Agent                                                                       

Part 13 of the Contract states the role of the Escrow Agent. A Closing Agent or Escrow Agent (Agent) is the person who receives the Deposit and agrees by acceptance of the Deposit to deposit it and other funds promptly and hold them in escrow within the State of Florida. This is subject to Collection. The Agent must also disburse the Deposit and other funds in accordance with the terms and conditions of the Contract. However, the Buyer is not excused from performance due to a failure of the funds to be collected. If there is an issue that arises from conflicting demands for the Deposit or a genuine dispute as to who is entitled to the Deposit, this section empowers the Agent to take the actions they deem advisable. If there is doubt about the Agent’s duties, the Agent may continue to hold the funds until the parties agree or there is a relevant court order. The Agent may also disburse the funds to the clerk of courts in the circuit court that has jurisdiction. The section also states that the attorney who represents a party and also acts as an Agent can also represent the party in this type of action. All liability on the part of the Agent will be terminated, except to the extent of accounting for the items delivered out of escrow, when all of the parties concerned in the action are properly notified.

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