§ 5062. Disbursement of Escrow Funds.
25 CA ADC § 5062Barclays Official California Code of Regulations
25 CCR § 5062
§ 5062. Disbursement of Escrow Funds.
In addition to the requirements of Sections 18035, 18035.2 and 18035.26 of the Health and Safety Code, the escrow agent shall disburse the amounts specified for the MH-Unit and accessories only as follows:
(a) When the MH-Unit is to be delivered to the site described in the escrow instructions, to be installed, and pass inspection pursuant to Sections 18613 and 18551(b) of the Health and Safety Code, the escrow instructions shall so state and shall require the dealer to deliver into escrow the following documentation to evidence delivery:
(b) When the MH-Unit is to be delivered to the purchaser at a location specified in the escrow instructions and the purchaser will, at his or her own convenience either actually and physically perform the installation of the MH-Unit and accessories, or be responsible for such installation, the escrow instructions shall so state and shall contain a statement indicating that either the purchaser has agreed to actually and physically perform the installation of the MH-Unit and accessories or has agreed to be responsible for such installation and understands that escrow may close and funds be disbursed upon delivery of the MH-Unit to the purchaser at the location specified in the escrow instructions. In addition, if applicable, the escrow instructions shall include a copy of the Declaration of Delivery Sale required by Section 18035.26 of the Health and Safety Code. The documentation required to evidence such delivery shall be a statement signed by both the dealer and the purchaser indicating that the MH-Unit has been delivered to the purchaser at the location specified in the escrow instructions.
(c) When the MH-Unit is already installed pursuant to Sections 18613 or 18551(b) of the Health and Safety Code, prior to the execution of the purchase agreement, the escrow instructions shall so state and shall require the following documentation to be delivered into escrow to evidence delivery: a statement signed by both the dealer and the purchaser indicating that delivery has been received or that delivery has been offered to the purchaser in accordance with the agreement of the principals and that the purchaser is free to occupy the MH-Unit to the exclusion of the dealer.
(d) The escrow agent can disburse the amount specified for each accessory specified in Section 5061 of this subchapter only upon receipt of written notice signed by the dealer that the accessory has been actually installed or received by the purchaser in the event that installation is not required under the terms of the purchase document.
(e) The escrow agent can disburse the cash or cash equivalent in escrow to the purchaser in the event that the purchaser was unable to obtain third party financing within thirty (30) calendar days of the escrow opening or the conditional purchase document was not executed by the date escrow was to have been closed, as specified in Sections 5061 of this subchapter.
Credits
Note: Authority cited: Section 18015, Health and Safety Code. Reference: Sections 18007, 18008, 18008.7, 18035, 18035.2, 18035.26, 18035.5 and 18036, Health and Safety Code.
History
1. Certificate of Compliance including amendment transmitted to OAL 11-3-82 and filed 12-15-82 (Register 82, No. 51).
2. Change without regulatory effect amending first paragraph, subsections (a), (b) and (c) and Note filed 7-6-2007 pursuant to section 100, title 1, California Code of Regulations (Register 2007, No. 27).
3. Amendment of section and Note filed 1-29-2010; operative 1-29-2010 pursuant to Government Code section 11343.4 (Register 2010, No. 5).
This database is current through 5/24/24 Register 2024, No. 21.
Cal. Admin. Code tit. 25, § 5062, 25 CA ADC § 5062
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