Pennsylvania Code
Title 49 - PROFESSIONAL AND VOCATIONAL STANDARDS
Part I - DEPARTMENT OF STATE
Subpart A - PROFESSIONAL AND OCCUPATIONAL AFFAIRS
Chapter 35 - STATE REAL ESTATE COMMISSION
Subchapter E - STANDARDS OF CONDUCT AND PRACTICE
ESCROW REQUIREMENTS
Section 35.323 - Responsibility for escrow in cobrokerage transactions
Current through Register Vol. 54, No. 44, November 2, 2024
(a) If a sales deposit is tendered by a buyer to the listing broker rather than to the selling broker, the listing broker shall assume the escrow duty.
(b) If a sales deposit is tendered by a buyer to the selling broker with the buyer having prior notice that the selling broker intends to deliver the deposit to the listing broker, the listing broker shall assume the escrow duty. The selling broker shall require the buyer to acknowledge in writing, prior to his signing the agreement of sale, that the prior notice contained the following information:
(c) If a sales deposit is tendered by a buyer to the selling broker without the buyer having the prior notice in subsection (b), the selling broker shall assume the escrow duty.
The provisions of this §35.323 issued under the Real Estate Licensing and Registration Act (63 P. S. §§ 455.101-455.902).
