Florida Contract & Transaction Specifics

Florida real estate transactions are shaped by several state-specific rules a licensee must know. Brokers receiving escrow or trust funds must deposit them no later than the end of the third business day after receipt, and any dispute over those funds triggers prescribed escrow-dispute procedures with FREC. On closing, documentary stamp tax applies to the deed at $0.70 per $100 of consideration, and licensees should understand homestead protections including the $50,000 homestead exemption and the Save Our Homes 3% annual assessment cap. Because Florida is not a community property state and applies the Johnson v. Davis duty to disclose known latent material defects, agents must handle title, spousal-interest, and disclosure issues with care.