§ 3408. Escrow of deposits.

202 words·~1 min read·/pa/title-68/chapter-34/3408

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any deposit (which shall not include any installment payment under an installment sales contract nor payments specifically stated in a sales contract to be in payment of or on account of extras, changes or custom work) made in connection with the purchase or reservation of a unit from a declarant shall be placed in escrow and held in this Commonwealth by a licensed real estate broker, an attorney admitted to practice in this Commonwealth, a financial institution or a licensed title insurance company, in an account, or in the form of a certificate of deposit, designated solely for that purpose with a financial institution whose accounts are insured by a governmental agency or instrumentality until:

(1)delivered to the declarant at closing, or in the case of the sale of a unit pursuant to an installment sales contract, upon the expiration of 30 days from the date of occupancy of the unit;

(2)delivered to the declarant because of purchaser's default under a contract to purchase the unit; or

(3)refunded to the purchaser.

68c3408v

(Dec. 18, 1992, P.L.1279, No.168, eff. 45 days)

Cross References. Section 3408 is referred to in section 3402 of this title.

68c3409s