Maine Statutes
§ 33 §1604-109 — Escrow of deposits
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 section 1604‑102, subsection (c) shall be placed in escrow by declarant and held either in this State or in the state where the unit is located in an account designated solely for that purpose by a licensed title insurance company, an attorney, a licensed real estate broker or an institution whose accounts are insured by a governmental agency or instrumentality until:
(1)Delivered to the declarant at closing;
(2)Delivered to the declarant because of purchaser's default under a contract to purchase the unit; or (3) Refunded to the purchaser.
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Legislative History
PL 1981, c. 699 (NEW).
Nearby Sections
15
§ 33 §1604-101
Applicability; waiver§ 33 §1604-102
Liability for public offering statement requirements§ 33 §1604-103
Public offering statement; general provisions§ 33 §1604-106
Public offering statement; condominium securities§ 33 §1604-107
Purchaser's right to cancel§ 33 §1604-108
Resales of units§ 33 §1604-109
Escrow of deposits§ 33 §1604-110
Release of liens§ 33 §1604-111
Conversion buildings§ 33 §1604-112
Express warranties of quality§ 33 §1604-113
Implied warranties of quality§ 33 §1604-115
Statute of limitations for warranties