Which answer most accurately states the Florida rule for deposit receipt?
Correct Answer
A) A buyer default or seller default does not automatically answer who gets the earnest money; the contract and escrow rules must be applied.
A buyer default or seller default does not automatically answer who gets the earnest money; the contract and escrow rules must be applied. This follows Current Florida residential contract practice; Rule 61J2-14.008, F.A.C.; FREC Real Estate Law Book.
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All of the following are required elements of a valid Florida real estate purchase agreement EXCEPT:
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A Florida purchase agreement states a purchase price of $350,000 with the buyer putting down 20%. The contract requires an additional escrow deposit of $5,000 within 10 days. What is the total amount the buyer must provide before closing?