Title 34

Chapter 36.1
Condominium Law

Article IV
Protection of Condominium Purchasers

R.I. Gen. Laws 34-36.1-4.10

 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.