§514B-91 Escrow of deposits.
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§514B-91 Escrow of deposits. All moneys paid by purchasers shall be deposited in trust under a written escrow agreement with an escrow depository licensed pursuant to chapter 449. An escrow depository shall not disburse purchaser deposits to or on behalf of the developer prior to closing except:
(1)As provided in sections 514B‑92 and 514B‑93; or
(2)As provided in the purchaser's sales contract in the event the sales contract is canceled.
An escrow depository shall not disburse a purchaser's deposits at closing unless the escrow depository has received satisfactory assurances that all blanket mortgages and liens have been released from the purchaser's unit in accordance with section 514B‑45. Satisfactory assurances shall include a commitment by a title insurer licensed under chapter 431 to issue the purchaser a title insurance policy ensuring the purchaser that the unit has been conveyed free and clear of the liens. [L 2005, c 93, pt of §4; am L 2006, c 38, §23]