Difference between revisions of "Good Funds in Florida"
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==Overview== | ==Overview== | ||
==Sources== | ==Sources== | ||
| − | ==Wet or Dry Settlement==Wet==Definition==Florida law requires title agents to use funds maintained in escrow accounts | + | ==Wet or Dry Settlement== |
| + | Wet | ||
| + | ==Definition== | ||
| + | Florida law requires title agents to use funds maintained in escrow accounts ?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 | ||
| + | ==Cross-References== | ||
* [[Florida]] | * [[Florida]] | ||
* [[Good Funds]] | * [[Good Funds]] | ||
Revision as of 06:50, 4 September 2018
Contents
Overview
Sources
Wet or Dry Settlement
Wet
Definition
Florida law requires title agents to use funds maintained in escrow accounts ?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
