Earnest money deposits in Florida: who holds your escrow deposit, how fast it has to be deposited, and what happens if the deal falls apart

October 31, 2026 · Zach Curtis, REALTOR®, Realty Hub

Short answer: your earnest money, or escrow deposit, is held in a trust or escrow account by a real estate broker, a title company or an attorney. A broker has to deposit it by the end of the third business day after receiving it. Your contract's terms decide when you get it back if you cancel, and if buyer and seller disagree, Florida law sets out how a broker must resolve it.

Who holds the deposit

Under the Florida Real Estate Commission's rules, a deposit given to a real estate licensee goes into a trust or escrow account at a bank, trust company, title company with trust powers, credit union or savings and loan in Florida, and the licensee's personal money can't be mixed with it (Rule 61J2-14.008). The rule also covers deposits placed with a title company or attorney named in the contract. The Department of Financial Services says a title agency can hold escrow funds, and can't put them in an interest-bearing account without the owner's written permission (DFS title insurance overview).

How fast it has to be deposited

When a broker holds the deposit, the rule says "immediately" means in the escrow account no later than the end of the third business day after the broker receives it, not counting weekends and legal holidays.

When the deposit goes to a title company or attorney, the contract must show that holder's name, address and phone number. Within 10 business days after the deposit is due, the buyer's broker must ask the holder in writing to verify receipt. Within 10 business days after that request, the broker gives the seller's broker either the verification or a written notice that none came. This doesn't apply when the holder was nominated in writing by the seller or the seller's agent.

How much to put down

The amount is a negotiated term in your contract, and it isn't the same as your down payment, although it's usually credited toward your cash to close. The Closing Disclosure shows the deposit you paid, per DFS. For what you'll need in total, see condo down payments and buyer closing costs in Broward.

Getting it back, or a dispute

Whether you get the deposit back depends on your contract. Check the inspection period, financing contingency, condo or HOA document review, and the deadlines for written notice. For condo and HOA documents, see the condo estoppel guide and buying a house in an HOA.

If buyer and seller make conflicting demands on a deposit a broker holds, Florida law requires the broker to notify the Real Estate Commission and use one of four procedures (section 475.25(1)(d)1):

1. Ask the Commission for an escrow disbursement order.
2. Go to arbitration, if all parties consent.
3. Ask a court to decide, for example by interpleader.
4. Go to mediation, if all parties consent in writing. Mediation has to be completed within 90 days after the last demand.

The Commission's rule requires the broker to notify it in writing within 15 business days of the last demand, and to start one of those procedures within 30 business days. If one party doesn't respond to the broker, the broker can send a certified notice; no response within seven business days is treated as authorization to release the funds to the other party (Rule 61J2-10.032). Answer any notice about your deposit right away.

When a title agency holds the money, DFS says it can't release it until both buyer and seller approve in writing. If they disagree, the money stays in escrow, and either party or the agent can ask a court to decide through an interpleader.

New-construction condos are different

If you buy a condo from a developer before construction is substantially complete, Florida requires the developer to place payments up to 10% of the price in escrow. If the contract allows it, deposits above 10% can be withdrawn for construction costs once construction has begun (section 718.202). Read the deposit schedule and the escrow terms closely, and have an attorney review them.

Buyer checklist

1. Wire or deliver the deposit only after confirming instructions by phone with a number you looked up yourself.
2. Get a receipt, and ask your agent to confirm the holder verified it.
3. Calendar every contract deadline that affects your deposit.
4. Send cancellation notices in writing, the way the contract requires.

Shopping in Hallandale Beach, Hollywood, Dania Beach, West Park or Aventura? Start at Ready to buy.

Zach Curtis, Realtor, Realty Hub, license SL3664129. Equal Housing Opportunity. General information, not legal, tax, insurance or lending advice. Have a Florida real estate attorney review your contract.

Published October 31, 2026 by Zach Curtis, REALTOR®, Realty Hub, license SL3664129. General information for South Florida, not legal, tax, insurance or lending advice. Laws, programs and prices change; check the official sources above, and ask a Florida attorney, CPA, insurance agent or lender about your situation. Listing numbers are asking prices and rents from BeachesMLS on the date shown. Equal Housing Opportunity. Zach Curtis and Realty Hub follow federal, Florida and Broward County fair housing law. Every listing is open to everyone. We never steer anyone by race, color, religion, sex, national origin, disability, familial status, age, sexual orientation, gender identity, or any other protected class.