2012 Vermont Statutes
Title 27A Uniform Common Interest Ownership Act (1994)
Chapter 4 PROTECTION OF PURCHASERS
§ 110 Escrow of deposits
§ 4-110. 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 subsection 4-102(c) of this title 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 real estate broker, an attorney licensed in that state or a banking institution the accounts of which are insured by an agency or instrumentality of the government until the deposit is:
(1) delivered to the declarant at closing;
(2) delivered to the declarant after the purchaser's default under a contract to purchase; or
(3) refunded to the purchaser. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
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