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

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

December 3, 2015
Tanishia Stokes
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Escrow Agent (Continued)                                                 

Part 13 also states that if the Agent is also a licensed real estate broker, they are then required to comply with the provisions of Florida Statute Chapter 475 as amended and the FREC rules which outline the requirement of timely resolving any escrow disputes through mediation, arbitration, interpleader or an escrow disbursement order. In the event of a proceeding between Buyer and Seller where the Agent is made a party to the action as a result of fulfilling their role as Agent under the guidelines of this section or the Agent interpleads the subject matter of the escrow, the Agent will be able to recover their attorney’s fees or costs they incurred. These fees must be paid according to the court order out of the escrow funds or the equivalent. The Agent will not be liable to any party or person for any mis-deliver of the escrowed items unless the mis-delivery was caused by the negligence of the Agent or the Agent’s willful breach of the Contract. The language in this section of the Contract will be deemed to survive after Closing or in the event of the termination of the Contract.

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