Legal Question in Real Estate Law in Florida
Good Morning,
I am hoping you can help me answer a few questions...I am selling my home to a some folks and they are going to be putting a deposit down on the house...I will be holding the mortgage...In the sales contract, we have agreed to a certain time frame for the deposit and a closing date...It also states that if the contract doesn't get performed in a proper time frame that I can keep the deposit...The first question is when taking a deposit from an individual, do I as the bank have to put this money in escrow or can I put it in my own checking or savings account...The second question is if the people default on the contract and I keep their deposit, do I have to notify them in any certain way even if it is clearly stated in the contract...Your help on these questions would be greatly appreciated...
Sincerely,
Tony Bivona
954-331-2261
1 Answer from Attorneys
1. The deposit should be put in a separate escrow account until closing.
2. The contract should control any defaults and what you can do.
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