After practicing real estate law in Boston for nearly 10 years, attorney Henrietta Feldman opened her own law office in Palm Beach, Florida. Henrietta Feldman provides legal counsel and services to clients involved in commercial and residential real estate transactions and disputes.
During real estate transactions, buyers can demonstrate their interest in a property by putting down a small deposit. In Florida, this deposit is generally placed in an escrow account and managed by a third-party escrow agent. Only real estate agents licensed in the state of Florida can act as escrow agents. If the buyer closes the deal, the amount in escrow is applied to the final purchase price.
However, if the sale doesn’t happen, the deposit must remain in escrow until approved for release by both parties. Though funds are usually returned to the buyer, there are certain situations where the seller is entitled to the escrow amount. This could include breaches of contract or a lapsed deadline. Deposit disputes can be resolved in several ways. Some common routes are arbitration, mediation, or civil actions.
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