Good Funds in Florida
Contents
Overview
Sources
Wet or Dry Settlement
Wet
Definition
Florida law requires title agents to use funds maintained in escrow accounts. FS 626.8473(4). Florida Administrative Code Rule 69O-186.008 requires that a title insurer or a title agent disburse on "collected funds". "Collected Funds" means fund finally settled and credited to the insurer's or agents account.
?only in accordance with the terms of the individual, escrow, settlement, or closing instructions under which the funds were accepted.? FL Stat. Ann. 626.8473(4). There are no additional requirements regarding the disbursement of loan proceeds or escrow funds applicable to escrow/closing personnel, including title insurers and title agents/agencies, in Florida. 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
