Is there any requirement by law or by the sale contract to show a copy of the escrow check or proof of the deposit made of this?
No law requires an agent to send a copy of an escrow check (or wire transfer) as proof that an escrow deposit was made.
You can certainly ask for a copy of the escrow deposit check (or wire transfer), but if you don’t get one, it doesn’t mean something was done illegally or not in accordance with the contract.
According to Meredith Caruso, an Associate General Counsel for Florida Realtors the answer to this popular question can be summarized as follows:
"Verification of deposit
The requirement for verification of escrow depends on who chooses the escrow agent – the buyer or the seller.
If the buyer chooses the escrow agent …
Section 61J2-14.008(2)(b) of the Florida Administrative Code says the following rules apply:
- If the buyer is choosing a title company or attorney as the escrow agent, the licensee who prepares the contract must indicate the name, address and telephone number of such title company or attorney on the contract. Please note, putting “TBD” (to be determined) doesn’t comply with this rule.
- Within 10 business days after each deposit’s due date, the broker representing the buyer must make a written request to the title company or attorney, asking the escrow agent to verify receipt of the buyer’s deposit.
- Then, within 10 business days of the date that request was sent, the broker for the buyer must provide the seller’s broker with a copy of the confirmation of receipt from the escrow agent.
- If there was no response from the title company or attorney, then that buyer’s broker must inform the listing broker that they did not receive verification from the escrow agent.
Note that this rule only applies if 1) the buyer chooses the escrow agent, and 2) the escrow agent is an attorney or title company.
If the buyer chooses a title company or attorney as escrow agent, the buyer’s broker must comply with the Florida Administrative Code and provide a response to the listing broker.
If a broker – not a title company or attorney – holds the escrow, then the two brokers involved in the transaction can confirm receipt upon request, but there is no verification procedure required by law.
If the seller chooses the escrow agent …
Should the seller pick a title company or attorney as escrow agent, the above rules don’t apply – and there is no verification requirement. The listing broker can contact the escrow agent directly to verify receipt of the deposit."
So, in few words Agents need to reconsider when other Agents do not notify them about a copy or proof of deposit of the escrow check. For not providing this the Agent is not doing something unlawful or simply defaulting on the contract.