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Current as of January 01, 2022 | Updated by FindLaw Staff
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.
Cite this article: FindLaw.com - Rhode Island General Laws Title 34. Property § 34-36.1-4.10. Escrow of deposits - last updated January 01, 2022 | https://codes.findlaw.com/ri/title-34-property/ri-gen-laws-sect-34-36-1-4-10/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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