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 section 4-102(c) must 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 an institution whose accounts are insured by a governmental agency or instrumentality until: (i) Delivered to the declarant at closing; (ii) delivered to the declarant because of the purchaser's default under a contract to purchase the unit; or (iii) refunded to the purchaser.
Structure West Virginia Code
Chapter 36B. Uniform Common Interest Ownership Act
Article 4. Protection of Purchasers
§36B-4-101. Applicability; Waiver
§36B-4-102. Liability for Public Offering Statement Requirements
§36B-4-103. Public Offering Statement; General Provisions
§36B-4-104. Same -- Common Interest Communities Subject to Development Rights
§36B-4-105. Same -- Time Shares
§36B-4-106. Same -- Common Interest Communities Containing Conversion Buildings
§36B-4-107. Same -- Common Interest Community Securities
§36B-4-108. Purchaser's Right to Cancel
§36B-4-110. Escrow of Deposits
§36B-4-112. Conversion Buildings
§36B-4-113. Express Warranties of Quality
§36B-4-114. Implied Warranties of Quality
§36B-4-115. Exclusion or Modification of Implied Warranties of Quality
§36B-4-116. Statute of Limitations for Warranties
§36B-4-117. Effect of Violations on Rights of Action; Attorney's Fees
§36B-4-118. Labeling of Promotional Material