New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS
Subchapter 6 - CONTRACTS
Section 5:26-6.4 - Deposits
Universal Citation: NJ Admin Code 5:26-6.4
Current through Register Vol. 56, No. 18, September 16, 2024
All deposits, down payments, or other funds paid to a developer by a purchaser shall be held in a separate trust account in a banking or similar institution located within this State or deposited with any attorney licensed to practice law in this State, until closing or termination of the contract or until a bond or other guarantee acceptable to the Agency is provided. In no event shall the escrow be released before the expiration of the seven day rescission period.
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