To fill out the Florida Release and Cancellation form, you copy the names, property, and effective date from your original purchase contract exactly as they appear there, agree in writing on where the earnest money goes (with specific dollar figures), have every buyer and seller named on the contract sign, and deliver the signed form to the escrow agent holding the deposit. The form is the joint Florida Realtors/Florida Bar document that title companies and brokerages require before they will release escrowed funds, and without it the deposit stays frozen even when your contract clearly says one side is entitled to a refund.1Florida Realtors. Escrow
Get the Current Version of the Form
Use the current Florida Realtors/Florida Bar release form, not a template downloaded from a general document site. Licensed agents pull it from the Florida Realtors member portal or the Florida Bar’s document systems. If you are working without an agent, ask the title company or closing attorney holding your escrow for a copy. Outdated versions floating around online may not reflect current Florida contract language, and escrow agents will notice.
Match the Original Contract Exactly
The escrow agent will compare every field on the release against the purchase agreement. Mismatches give them a reason to hold the funds, so precision here is the whole game.
Party Names
Write the full legal names exactly as they appear on the purchase contract. If the buyer signed as “Robert J. Smith,” the release says “Robert J. Smith,” not “Bob Smith” and not “Robert Smith.” The same rule applies to co-buyers, co-sellers, entities, and trusts. Every person or entity named on the original contract needs to appear on the release the same way.
Property Information
The property address must match the contract. Adding the legal description from the deed or county tax appraiser’s records (lot, block, and plat book information) removes any ambiguity, which matters most in subdivisions where several addresses read almost the same.
Effective Date of the Original Contract
The release requires the effective date of the purchase agreement, meaning the date all parties signed and communicated acceptance of the offer. This is what ties the release to the specific deal. If the same parties passed offers and counteroffers back and forth, an incorrect date can create confusion about which agreement is being canceled.
Fill In the Deposit Disbursement Section
This is the heart of the form. Both sides must agree on where the earnest money goes, and the form gives three choices:
- Full refund to the buyer, common when the buyer cancels within a valid contingency window.
- Full payment to the seller, typical when the buyer defaults after contingencies have expired and the seller keeps the deposit as liquidated damages.
- A split between buyer and seller, used as a negotiated compromise when both sides share responsibility or simply want to close the matter without a fight.
Whatever you agree on, write exact dollar amounts and the full legal name of each payee. If a $10,000 deposit is being divided $6,000 to the seller and $4,000 to the buyer, spell those figures out. The escrow agent follows the instructions to the letter when cutting checks or wiring funds, and vague wording like “split evenly” without dollar amounts can stall processing.
The reason you agreed to cancel usually drives the numbers. A buyer canceling inside the inspection period, within the loan approval window, or under a valid appraisal contingency has a strong claim to a full refund. A buyer who walks after all contingencies have lapsed generally faces losing the deposit as liquidated damages. A negotiated split is common when neither side wants to argue the point.
Signatures and Delivery
Every buyer and seller named on the original contract must sign. A single missing signature makes the release ineffective, and the underlying purchase contract stays alive. Florida’s Uniform Electronic Transaction Act gives electronic signatures the same force as handwritten ones, so signing through DocuSign, Dotloop, or a similar platform is fully valid.2The Florida Legislature. Florida Code 668.50 – Uniform Electronic Transaction Act
Once everyone has signed, send the completed form to the escrow agent. Email is the usual delivery method; hand delivery and certified mail also work. The agent verifies the instructions against the funds in the trust account, confirms the original deposit has cleared the banking system, and disburses the money according to the form. Most title companies complete the disbursement within a few business days, though the exact timing depends on internal policies and whether the deposit was made by check, wire, or another method.1Florida Realtors. Escrow
What Signing the Release Actually Does
The form does more than authorize a check. The standard language discharges both parties from all future obligations under the purchase contract and releases the escrow agent from claims related to the transaction. Once the form is signed and the funds are disbursed, the deal is legally over. Neither side can come back later with contract-based claims about the same sale.
That finality is worth reading carefully before you sign. If you believe you have claims worth pursuing, signing a full release closes the door on them.
If the Other Party Won’t Sign
The release only works when everyone signs. If the other side refuses (a seller who thinks the buyer breached, a buyer who thinks the seller caused the failure) the escrow agent cannot release the deposit on one signature alone, and the money sits in the trust account.
The standard Florida Realtors/Florida Bar contract builds in a resolution path. After conflicting demands are made, the buyer and seller have 10 days to try to resolve the dispute on their own. If that fails, the contract requires mediation before either party can sue. Each side splits the mediation fee and pays their own attorney’s costs.
The escrow agent has separate obligations. A broker facing conflicting demands or a good-faith doubt about the deposit must notify the Florida Real Estate Commission within 15 business days and, within 30 business days, choose one of four escape procedures: request a commission disbursement order, submit the matter to arbitration (with all parties’ consent), file an interpleader action in court, or submit to mediation (with all parties’ written consent).3Legal Information Institute. Florida Administrative Code 61J2-10.032 – Notice Requirements As long as the broker follows one of these procedures and complies with the outcome, no disciplinary complaint can be filed against them for holding the money.4Florida Senate. Florida Code 475.25 – Discipline
When negotiation and mediation fail, interpleader is the common endpoint. The escrow agent deposits the disputed funds with the court and steps out of the dispute, leaving buyer and seller to litigate. The agent is entitled to deduct reasonable attorney’s fees and court costs from the deposit before turning the rest over. On a modest deposit, those deductions plus each party’s own legal fees can consume most of the money in play, which is the practical reason many people sign a compromise release even when they feel shortchanged.
Condominium Purchases Follow a Different Rule
If you are buying a new condominium directly from a developer, Florida statute gives you a 15-day right to cancel that runs from the later of signing the contract or receiving all required disclosure documents. This right cannot be waived, and the developer cannot close during the 15 days unless you affirmatively agree to an earlier closing. If the developer later sends an amendment that materially changes the deal to your disadvantage, a new 15-day window opens.5The Florida Legislature. Florida Code 718.503 – Developer Disclosure Prior to Sale A resale condominium has its own rescission window tied to receipt of the required association documents. Outside of condominiums and a few other specific transaction types, Florida has no general cooling-off period on residential contracts, which is why the Release and Cancellation form exists in the first place.