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Old 19-11-2017, 09:10   #1
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Pros and Cons of using an independent escrow agent

We've used a local (TX) documentation service for the last two boats we bought. They are now offering an escrow service. Looking at boats in FL, what are the pros and cons of using our local escrow service? Can it even be done using a FL broker?
Thanks,
Bob
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Old 19-11-2017, 12:08   #2
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Re: Pros and Cons of using an independent escrow agent

IMHO its best to escrow any time significant dollars are involved. It doesn't cost much for peace of mind for both parties. Of course, its your judgement call as to what counts as "significant".

You can escrow anywhere the parties agree to (Ive escrowed deals in Belize in NY & TX). Just be sure you can trust the escrow agent and they are in a venue where you have realistic legal recourse should they not act per contract (Belize...not! ). Always of course have a written escrow agreement properly executed by all parties.
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Old 19-11-2017, 14:31   #3
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Re: Pros and Cons of using an independent escrow agent

Thanks for the reply. I would trust the local agent more than an unknown broker. But I guess FL brokers are required to have an escrow account and to use a third party might just complicate things.
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Old 19-11-2017, 15:07   #4
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Re: Pros and Cons of using an independent escrow agent

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Thanks for the reply. I would trust the local agent more than an unknown broker. But I guess FL brokers are required to have an escrow account and to use a third party might just complicate things.
Properly done escrow in the USA wouldnt worry me much.

You can always ask the selling broker if he cares who handles escrow. Other than working with a known quantity, it shouldnt matter to the broker.
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Old 20-11-2017, 07:04   #5
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Re: Pros and Cons of using an independent escrow agent

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But I guess FL brokers are required to have an escrow account and to use a third party might just complicate things.
This is absolutely correct. Florida brokers are required by law to have a separate trust account that any and all escrow money must go into. This is one of the prerequisites for getting their license, and failure to use such an account is a third degree felony.

If you don't trust the broker, you could demand a third-party escrow agent. But if you do you are almost certainly going to have to pay for that service yourself. Your money, your choice.
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Old 20-11-2017, 07:14   #6
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Re: Pros and Cons of using an independent escrow agent

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Originally Posted by BobHorn View Post
We've used a local (TX) documentation service for the last two boats we bought. They are now offering an escrow service. Looking at boats in FL, what are the pros and cons of using our local escrow service? Can it even be done using a FL broker?
Thanks,
Bob
If you have used a documentation service and an escrow agent, and I assume you know about surveys, what is the broker adding to the process?

Sounds to me like you know enough to simply buy and sell without the commission.
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Old 22-11-2017, 09:28   #7
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Re: Pros and Cons of using an independent escrow agent

If you don't trust a broker with the escrow you are foolish to do any business with him. Be consistent!
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Old 22-11-2017, 09:40   #8
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Re: Pros and Cons of using an independent escrow agent

If the boat I want is listed with a broker, what choice do I have?
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