61J2-14.008: Definitions
PURPOSE AND EFFECT: The rule amendment describes the licensees’ obligations when a deposit is placed with an attorney or title company.
SUBJECT AREA TO BE ADDRESSED: Definitions.
SPECIFIC AUTHORITY: 475.05, 475.25(1)(k) FS.
LAW IMPLEMENTED: 475.25(1)(k) FS.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE WEEKLY.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Lori Crawford, Deputy Clerk, Division of Real Estate, 400 West Robinson Street, Hurston Building, Suite N801, Orlando, Florida 32801
THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:
61J2-14.008 Definitions.
(1)(a) through (2)(a) No change.
(b) 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 three (3) 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. Within ten (10) business days of the date of 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. When escrow funds are placed with a title company or an attorney, the licensee shall indicate on the sales contract the name and address of said entity. The licensee shall obtain and retain written verification of said deposit upon delivery of the funds to the title company or attorney.
(3) No change.
Specific Authority 475.05, 475.25(1)(k) FS. Law Implemented 475.25(1)(k) FS. History–New 1-1-80, Formerly 21V-14.08, Amended 10-13-88, 12-29-91, 7-20-93, Formerly 21V-14.008, Amended 7-5-95, 7-4-06,_________.