law

Escrow Deposit Deadlines (Florida)

Under Rules 61J2-14.008 and 14.009, a Florida sales associate must deliver a deposit to the employing broker by the end of the next business day after receipt, and the broker must place it in an insured escrow account no later than the end of the third business day following receipt. Receipt by the associate counts as receipt by the broker. Brokers may keep up to $1,000 of their own money in a sales escrow account ($5,000 for property management), must reconcile monthly, and must keep records five years.