§ 2791.1. Purchase Money Impounds.
10 CA ADC § 2791.1Barclays Official California Code of Regulations
10 CCR § 2791.1
§ 2791.1. Purchase Money Impounds.
(a) The amount of the money paid or advanced by a prospective buyer or lessee toward the purchase or lease of a subdivision interest (Purchase Money) that must be deposited and retained in an escrow depository or trust account pursuant to Section 11013.2(a) or 11013.4(a) of the Code shall ordinarily be the entire amount of the Purchase Money less disbursements made to third parties for services enumerated in subdivision (b) of Regulation 2791.
(A) the holder of the deed of trust has duly executed an agreement or demand (“release agreement”) wherein the holder has agreed, notwithstanding any provision to the contrary in the deed of trust, to promptly perform any act reasonably necessary to record an instrument unconditionally reconveying and releasing the subdivision lots or parcels being sold from the lien or charge of the deed of trust upon payment to the holder of an amount or amounts specified in the release agreement as the release price for the affected subdivision lots or parcels, and the holder has further agreed that specific performance of the terms and provisions of the release agreement shall be compelled in favor of the purchaser or lessee of the lot or lots;
Credits
Note: Authority cited: Section 11001, Business and Professions Code. Reference: Sections 11013.1 and 11013.4, Business and Professions Code.
History
1. New section filed 12-3-80; effective thirtieth day thereafter (Register 80, No. 49). For history of former section, see Registers 63, No. 14, and 62, No. 7.
2. Amendment filed 1-21-83; effective thirtieth day thereafter (Register 83, No. 4).
3. Amendment filed 11-13-96; operative 11-13-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 46).
This database is current through 6/21/24 Register 2024, No. 25.
Cal. Admin. Code tit. 10, § 2791.1, 10 CA ADC § 2791.1
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