Escrow & Title
In Florida, a real estate broker who receives an earnest money deposit must deposit it into an escrow account within:
A24 hours of receipt
B3 business days of receipt✓ Correct
C10 business days of receipt
DAt closing
Explanation
Florida law requires brokers to deposit earnest money into their escrow (trust) account within 3 business days of receiving the funds, not counting Saturdays, Sundays, or legal holidays.
Related Florida Escrow & Title Questions
- A Florida condominium purchaser has a statutory right to cancel the purchase contract within how many days of receiving the condominium documents?
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