Q: May a real estate broker place an escrow deposit for the sale and purchase of real property in an interest-bearing escrow account?
A: Rule 61J2-14.014, FAC, allows a broker to place escrow funds in an interest-bearing account, but only with the written permission of the parties to the sale and purchase transaction.
The written permission must specify the party to receive the interest and the time when the earned interest must be disbursed. Additionally, the funds must be maintained in an insured depository (i.e., Florida banking institution) located in the state of Florida.