61B-20.003 — Escrow Agents and Escrow Agreements

Rule 61B-20.003 establishes requirements for escrow agents and escrow agreements in condominium developer transactions.

The rule sets forth standards governing the use of escrow accounts by condominium developers, including requirements for escrow agents and the terms of escrow agreements. The specific provisions detail the obligations and procedures developers must follow when depositing funds into escrow during the pre-closing phase of condominium sales.

Condominium developers and escrow agents handling developer transaction funds.

Effective March 21, 1989.