In New Jersey and Connecticut, brokers not only prepare cases, they also create formal contracts and are allowed to do so under broker licensing laws. However, if a broker kept the file and the buyer and seller could not reach an agreement, the broker can send the case free of charge to the Florida Real Estate Commission (FREC). FREC then decides on the matter on the basis of the evidence presented. The outcome of this decision is legally binding. The money from the file goes to one in three places. The first option is a securities company. The seller chooses the title company and keeps the record in a fiduciary account until he closes the transaction. The second possibility is for a lawyer to keep the file in a fiduciary account and then release the money to the title company on the day of closing.