Title company Escrow account

Last modified July 10, 2023

First time homebuyers should have their Earnest Money Deposits deposited into a Title Company's Escrow or Real Estate Trust Accounts for their safety. Real estate trust fund accounts, also called earnest money or escrow accounts, are accounts that a brokerage company will set up at a bank or some other recognized depository. They are money or other things of value that are received by a broker or salesperson on behalf of an individual (usually the buyer) that is held for the benefit of others in the performance of any acts for which a real estate license is required. In Florida, it is very unusual for a Real Estate Broberage to hold Escrow or Earnest Money from the Buyers.