Sec. 82.158. ESCROW OF DEPOSITS. A deposit made in connection with the purchase or reservation of a unit from a declarant shall be placed in escrow and held in this state in an account designated for that purpose by a real estate broker, an attorney, a title insurance company licensed in this state, an independent bonded escrow company, or an institution whose accounts are insured by a governmental agency or instrumentality until delivered to the declarant at closing, delivered to the declarant because of the purchaser's default under a contract to purchase the unit, or refunded to the purchaser. Escrow deposits may be placed in interest-bearing accounts, and the interest is payable as may be agreed in writing between the declarant and the purchaser.
Added by Acts 1993, 73rd Leg., ch. 244, Sec. 1, eff. Jan. 1, 1994.
Structure Texas Statutes
Chapter 82 - Uniform Condominium Act
Subchapter D. Protection of Purchasers
Section 82.152. Liability for Condominium Information Statement
Section 82.153. Condominium Information Statements in General
Section 82.154. Condominiums With Conversion Buildings
Section 82.155. Condominium Securities
Section 82.156. Purchaser's Right to Cancel
Section 82.157. Resale of Unit
Section 82.158. Escrow of Deposits
Section 82.159. Release of Liens
Section 82.160. Conversion Buildings
Section 82.161. Effect of Violations on Rights of Action and Attorney's Fees
Section 82.162. Labeling of Promotional Material
Section 82.163. Declarant's Obligation to Complete and Restore