Real estate escrow evolves
A change that has occurred in Florida real estate practice is for title companies to hold escrow funds rather than a broker. The Florida Real Estate Commission (FREC), which governs the industry, and the Florida Association of Realtors both endorse this idea.
The FREC record keeping and reporting standards are very rigorous for broker escrow accounting, so most brokers would rather the funds be kept at the third-party neutral title company. This change in practice is very positive one for the Florida consumer.
Eye on escrow funds [Palm Beach Daily News]