Delaware § 81-410 Escrow of deposits

Delaware Statutes

§ 81-410 — Escrow of deposits

Delaware·Title 25·Part Common Interests and Ownership of Real Estate·Ch. 81 DELAWARE UNIFORM COMMON INTEREST OWNERSHIP ACT·Subch. Protection of Purchasers

Any deposit made in connection with the purchase or reservation of a unit from a person required to deliver a public offering statement pursuant to § 81-402(c) of this title must be placed in escrow and held either in this State or in an account designated solely for that purpose by an attorney or a licensed real estate broker or an institution whose accounts are insured by a governmental agency or instrumentality until:

(i)delivered to the declarant at closing;

(ii)delivered to the declarant because of the purchaser’s default under a contract to purchase the unit; or (iii) refunded to the purchaser. An escrow agent acting in good faith and in accordance with the terms of the escrow shall have no liability for the disposition of the fund.

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Any deposit made in connection with the purchase or reservation of a unit from a person required to deliver a public offering statement pursuant to § 81-402(c) of this title must be placed in escrow and held either in this State or in an account designated solely for that purpose by an attorney or a licensed real estate broker or an institution whose accounts are insured by a governmental agency or instrumentality until: (i) delivered to the declarant at closing; (ii) delivered to the declarant because of the purchaser’s default under a contract to purchase the unit; or (iii) refunded to the purchaser. An escrow agent acting in good faith and in accordance with the terms of the escrow shall have no liability for the disposition of the fund.

Delaware § 81-410 (Escrow of deposits) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.