2010 Pennsylvania Code
Title 68 - REAL AND PERSONAL PROPERTY
Chapter 34 - Protection of Purchasers
3408 - Escrow of deposits.

     § 3408.  Escrow of deposits.
        Any deposit (which shall not include any installment payment
     under an installment sales contract nor payments specifically
     stated in a sales contract to be in payment of or on account of
     extras, changes or custom work) made in connection with the
     purchase or reservation of a unit from a declarant 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 unit pursuant to an installment sales
        contract, upon the expiration of 30 days from the date of
        occupancy of the unit;
            (2)  delivered to the declarant because of purchaser's
        default under a contract to purchase the unit; or
            (3)  refunded to the purchaser.
     (Dec. 18, 1992, P.L.1279, No.168, eff. 45 days)

        Cross References.  Section 3408 is referred to in section
     3402 of this title.