Can a title agency accept escrow funds for a transaction that does not include the issuance of title insurance?
The Florida Statutes do not prohibit the acceptance of escrow funds outside a title insurance transaction and Florida Statutes 877.101 specifically identifies licensed title insurance agencies as an entity that may accept escrow funds. PLEASE NOTE: Accepting escrow funds for a transaction outside one that results in the issuance of a title insurance policy may not be covered under your agencys surety and fidelity bonds. You should also check your agencys errors and omission coverage, too.
Related Questions
- Does each branch of an insurance agency, bank or securities firm that engages in the transaction of insurance have to be licensed or registered?
- Can a title agency accept escrow funds for a transaction that does not include the issuance of title insurance?
- What if I am doing a cash transaction and not requiring any title insurance, just basic escrow services?
