If an error is made in recording the date of deposit of funds into an escrow account, who is ultimately responsible for that error?

While the administrative assistant may handle the record-keeping and data entry related to escrow accounts, they typically operate under the guidance of the principal broker. The responsibility for errors ultimately lies with the broker, as they oversee the operations and ensure that all procedures are accurately followed.

The depositor of the funds is responsible for providing accurate information and ensuring their payment is made correctly. However, they are not responsible for how that information is recorded in the escrow account. The ultimate responsibility for maintaining accurate records falls to the broker and their team.

The affiliate broker may play a role in receiving the funds and facilitating the transaction, but they do not have the final authority or responsibility for the escrow account's records. That responsibility rests with the principal broker, who oversees the entire operation and compliance with legal standards.