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§ 4410. Escrow of deposits

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 68 Pa.C.S.A. Real and Personal Property

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 68 Pa.C.S.A. Real and Personal Property (Refs & Annos)
Part II. Real Property
Subpart C. Cooperatives (Refs & Annos)
Chapter 44. Protection of Cooperative Interest Purchasers
68 Pa.C.S.A. § 4410
§ 4410. Escrow of deposits
Currentness
Any deposit, which shall not include any installment payment under an installment sales contract, made in connection with the purchase or reservation of a cooperative interest from a person required to deliver a public offering statement pursuant to section 4402(c) (relating to public offering statement; requirements) shall be placed in escrow and held in this Commonwealth by a licensed real estate broker, an attorney admitted to practice in this Commonwealth, a financial institution or a licensed title insurance company, in an account or in the form of a certificate of deposit, designated solely for that purpose with a financial institution whose accounts are insured by a governmental agency or instrumentality until:
(1) delivered to the declarant at closing or, in the case of the sale of a cooperative interest pursuant to an installment sales contract, upon the expiration of 30 days from the date of occupancy of the unit constituting a part of the cooperative interest;
(2) delivered to the declarant because of purchaser's default under a contract to purchase the cooperative interest; or
(3) refunded to the purchaser.

Credits

1992, Dec. 18, P.L. 1426, No. 176, § 1, effective in 60 days.
68 Pa.C.S.A. § 4410, PA ST 68 Pa.C.S.A. § 4410
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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