Good Funds in Florida

Sources

Florida Statute 626.8473(4) and Florida Administrative Code Rule 69O-186.008

Wet or Dry Settlement

Wet

Definition

Florida Statute 626.8473(4)requires title agents to maintain an escrow account and deposit funds in to that escrow account. Florida Administrative Code Rule 69O-186.008 requires that a title insurer or a title agent disburse on "collected funds". "Collected Funds" are defined as funds deposited and finally settled and credited to the insurer's or title agent's escrow account.

However, due to the high incidence of counterfeit and forged cashier and certified checks, most, if not all, title insurers and agencies require that funds be received by wire.

Requirements

Must have good funds at or before closing.

Exceptions to Requirements

N/A

Cross-References

• Florida
• Good Funds