§ 4410. Escrow of deposits.

185 words·~1 min read·/pa/title-68/chapter-44/4410

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, made in connection with the purchase or reservation of a cooperative interest from a person required to deliver a public offering statement pursuant to section 4402(c) (relating to public offering statement; requirements) 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 cooperative interest pursuant to an installment sales contract, upon the expiration of 30 days from the date of occupancy of the unit constituting a part of the cooperative interest;

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

(3)refunded to the purchaser.

68c4411s