Escrow Account - Posted by Tom_FL

Posted by Leon on July 17, 1999 at 12:36:13:

How does one make multiple offers with only one deposit if your attorney is not willing? Does the “Buyer not required to give deposit to sellers agent until agreement is signed and accepted by buyer” statement cover this?


Escrow Account - Posted by Tom_FL

Posted by Tom_FL on July 15, 1999 at 19:00:15:

In view of making lots of offers a la Steve Cook, I asked my title company attorney this morning if I can set up a revolving escrow account with a minimum of $500-$1000. She said that this is illegal in Florida. She basically said one offer, one deposit. If I make 10 offers, I should have 10 deposit checks with funds in escrow!?..She said some attorney will do it but not her because it’s illegal. Is this true? Should I continue shopping around? Thanks everyone for any input.

Re: Escrow Account - Posted by Drew-TX

Posted by Drew-TX on July 16, 1999 at 15:12:06:

I don’t know that it’s illegal, per se, but my title agent feels that it is not an above-board practice. If you have $1000 in escrow and 10 contracts promising $1000 each, then what does the escrow agent do if all 10 (or heck, only 2) of the contracts end up in dispute? The escrow agent would be in hot water, that’s what. So that seems to be a dead end.

Re: Escrow Account - Posted by Brian W(IN)

Posted by Brian W(IN) on July 16, 1999 at 08:39:39:

Tom, I asked this same question on the board several weeks ago. The answer is yes- it is illegal. Steve said that he just happens to have a good relationship with his attorney. So it is not impossible to do, you just have to have a good relationship with an attorney who doesn’t mind breaking the rules a little bit. Which I don’t think you will find too much.