Change to Administrative Rule: Verification of Deposit
Effective June 1, 2010 the Florida Real Estate Commission has amended the administrative rule regarding the time period a broker must make written request to the title company or attorney to provide written verification of receipt of the deposit. Previously brokers were required to make the inquiry within three days, however that time period is now ten days. The amended text is as follows:
- No change.
- When a deposit is placed or to be placed with a title company or an attorney, the licensee who prepared or presented the sales contract (“Licensee”), shall indicate on that contract the name, address, and telephone number of such title company or attorney. Within ten (10) business days after each deposit is due under the sales contract, the Licensee’s broker shall make written request to the title company or attorney to provide written verification of receipt of the deposit, unless the deposit is held by a title company or by an attorney nominated in writing by a seller or seller’s agent. Within ten (10) business days of the date the Licensee’s broker made the written request for verification of the deposit, the Licensee’s broker shall provide Seller’s broker with either a copy of the written verification, or, if no verification is received by Licensee’s broker, written notice that Licensee’s broker did not receive verification of the deposit. If Seller is not represented by a broker, then Licensee’s broker shall notify the Seller directly in the same manner indicated herein.
NOTE: The Adoption Date is June 1, 2010 but the EFFECTIVE DATE is June 21, 2010.