Rhode Island General Laws 34-36.1-4.10. 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 § 34-36.1-4.02(c) shall be placed in escrow 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, an independent bonded escrow company, or any financial institution whose deposits are insured 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.
History of Section.
P.L. 1982, ch. 329, § 2.
Terms Used In Rhode Island General Laws 34-36.1-4.10
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10