law

Escrow Dispute Procedures (Florida)

When a Florida broker receives conflicting demands for escrowed funds or has a good-faith doubt about who is entitled, s. 475.25(1)(d)1. and Rule 61J2-10.032 require written notice to FREC within 15 business days and institution of a settlement procedure within 30 business days. The four procedures are mediation and arbitration (both need all parties' consent), litigation such as interpleader, and an escrow disbursement order (EDO) from FREC. Exceptions include condominium rescission and a buyer's good-faith failure to obtain financing.