§ 2807. Purchase Money Impounds.
10 CA ADC § 2807Barclays Official California Code of Regulations
10 CCR § 2807
§ 2807. Purchase Money Impounds.
(a) The amount of the money paid or advanced by a prospective buyer toward the purchase of a time-share interest (Purchase Money) that must be deposited and retained in an escrow depository or trust account pursuant to Section 11243 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.
(1) A proper release has not been obtained from a deed of trust encumbering time-share interests or accommodations in a time-share plan unless an instrument has been duly recorded unconditionally reconveying and releasing the interests being sold or leased from the lien or charge of such deed of trust.
(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 time-share interests or accommodations in a time-share plan 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 time-share interests or accommodations in a time-share plan, 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 of the time-share interests or accommodations in a time-share plan;
Credits
Note: Authority cited: Section 11281, Business and Professions Code. Reference: Section 11243, Business and Professions Code.
History
1. Amendment moving section 2807 from article 12.1 to article 12.2. and new section filed 5-5-2005; operative 7-1-2005 (Register 2005, No. 18). For prior history, see Register 96, No. 48.
This database is current through 6/21/24 Register 2024, No. 25.
Cal. Admin. Code tit. 10, § 2807, 10 CA ADC § 2807
End of Document |