In Florida, various entities and individuals can open an escrow account. The specific criteria to open an escrow account may vary depending on the purpose of the account and the requirements set by the escrow agent or company. Generally, the following parties may be eligible to open an escrow account in Florida:
Buyers and sellers in real estate transactions: When engaging in a real estate transaction, both buyers and sellers may open an escrow account to securely hold funds until the transaction is completed.
Attorneys: Attorneys often utilize escrow accounts to hold client funds for various legal matters, such as settlements, disputed funds, or pending litigation.
Businesses and individuals for other purposes: Escrow accounts can also be opened for non-real estate purposes, such as holding funds for business transactions, purchase agreements, or other contractual arrangements.
While there may not be specific criteria set by Florida law to open an escrow account, individual escrow agents or companies may have their own requirements and procedures. These may include providing identification, completing application forms, and complying with any necessary due diligence measures.