Terms and Agreements of Escrow Deposit/Cleared Funds Program
Students of Real Estate Investment programs can deposit an amount up to $1,000.00 in the Escrow holding account of Independent Title of Fort Lauderdale, Inc.. Upon confirmation and receipt of cleared funds and the completed and signed Investor Information Request Form, the template letter will be available for usage on the REIFax website, with authorization from your Investment Program’s office for the named Investor and or Investor’s interests on the Information Request Form.
By Depositing Funding in Escrow, the depositor and/or student agree to the following Terms and Agreements.
The template letter is to only be used on Real Estate purchase contracts submitted for properties that are located in the State of Florida.
The template letter is to be used solely for contracts that Independent Title of Fort Lauderdale, Inc., is named as the Escrow Agent for the Initial and subsequent deposits for the contract and is to be used in order for Independent Title of Fort Lauderdale, Inc., is to be the closing and title insurance agent for the purchase and/or sale of the contracted property. If knowledge is know that Independent Title of Fort Lauderdale, Inc., is not going to be closing the transaction and issuing a title insurance policy on the transaction, the template letter is not to be used or delivered along with the contract.
The Investor may use the template letter multiple times, as a statement of funds are clear in our escrow account within the inspection period of each contract. Once a contract is accepted the binding time for release of such deposit is based on the individual terms of the signed agreement and the risk and liability of the funds is on the Investor who signed the contract.
If at any time, an Investor does not cancel a contract within the inspection times shown on the contract, Independent Title of Fort Lauderdale, Inc., will consider the deposit to be applied directly to the contract. At that time, the Investor is not authorized to submit any further contracts that include the template letter until either the contract has a written cancellation, signed by and delivered to all parties in the contract, or the Investor may supplement the funds by submitting another deposit by wire transfer, in order to continue using the letter.
The template letter does not, and is not to be portrayed as a confirmation of funds for a specific contract. In order for funds to be held specifically for that contract, Independent Title of Fort Lauderdale, Inc., must receive a copy of the fully executed contract, a written request from the Investor, one of the other parties of the contract, realtor listed on the contract, or an attorney representing any party in the contract.
Independent Title of Fort Lauderdale, Inc., is a non-attorney owned title company and in no manner represents or gives any legal advice to any individuals. Investors and depositors submit contracts at their own risk, and are encouraged to seek the advice and counsel of an attorney that is licensed in the state that they are submitting contracts.
Investors may withdrawal from the program by giving written notice to Independent Title of Fort Lauderdale, Inc., at anytime, as long as they have no pending, submitted or active contracts in existence where the template letter was submitted along with the contract. Independent Title of Fort Lauderdale, Inc., reserves the right, at it’s discretion, to withhold a withdrawal request if there has been a claim on the requested deposit or they have been provided with a request to apply the funds to a contract and have not received a written cancellation.
In order to withdrawal from the program the original depositor and Investor must make written request to withdraw from the program. At such time, an escrow agent from Independent Title will supply the Investor with a withdrawal and disbursement form. The form must be printed, filled out in full, signed and returned to the escrow agent by email in legible form. Once the form is released, Independent Title of Fort Lauderdale, Inc., will do a review and check for any claims made in the investors name or on the investor’s funds and if no claims have been made the escrow agent will disburse the funds within 3 business days from the time the fully filled out and signed withdrawal form is delivered. Funds will only be returned to the original depositor that the funds came from when the Investor initially made the deposit. All disbursements are done in the form of escrow check and are sent regular mail or are available for pick up at our office location, upon request.
Independent Title of Fort Lauderdale, Inc., reserves the right to change these terms at any time.
Personal or Business checks are subject to a 15 business day clearance time and final confirmation or release of funds will not be processed until clearance time has passed.