Section 5061 - Escrow InstructionsFrom the information provided by the dealer, the escrow agent shall prepare escrow instructions and any amendments thereto for signing by both the dealer and purchaser. These escrow instructions may be signed in counterpart. Both the dealer and the purchaser shall receive copies of the signed escrow instructions and any mutually agreed amendments, with the originals or executed copies maintained by the escrow agent. The escrow instructions shall contain, but are not limited to, the following:
(a) The names and addresses of both the dealer and the purchaser.(b) The names and addresses of the registered owner(s), legal owner of, flooring lender, and any junior lienholder(s), of the MH-Unit.(c) The name, address and telephone number of the escrow agent.(d) A description of the MH-Unit sold to the purchaser by the dealer which shall include, but not be limited to: the manufacturer name; model name, if available; size (excluding any hitch or towbar); model year, and a statement that prior to the close of escrow, the dealer shall provide the serial numbers of the MH-Unit and the control number(s) of either the California Department of Housing and Community Development insignia(s) or the federal label(s) affixed to the MH-Unit, which indicate compliance with applicable standards, in order to complete the description of the MH-Unit.(e) Identification of the amounts paid or to be paid as a deposit, downpayment and/or balance due prior to closing, total price of the MH-Unit and all accessories or services to be provided by the dealer as part of the sale, and any taxes, service fees, charges or other fees. The amounts disclosed by the dealer shall be consistent with the amounts set forth in the purchase document and receipt for deposit.(f) A general description of and designation of the cash value of each accessory and any installation thereof included in the purchase. NOTE: This requirement does not apply when the accessories have been installed prior to the preparation of purchase documents.
(g) The specific address or location where the purchaser will accept delivery of the MH-Unit or any accessory thereto included in the purchase price. If the sale is subject to Section 18035.26 of the Health and Safety Code, the delivery address in the escrow instructions shall be the same as the delivery address or location in the Declaration of Delivery Sale document and the purchase agreement.(h) A statement of the conditions under which the purchaser will receive delivery of the MH-Unit and any accessory thereto.(i) A statement that prior to the close of escrow, the dealer shall secure and deliver into escrow signed and acknowledged release(s) of any rights, title or interest in the MH-Unit being purchased, executed by the registered owner(s), legal owner, flooring lender and any junior lienholder(s). Any such release shall be conditioned upon the receipt of disbursement by the party executing the release directly from the escrow account of the amount set forth in such release. If the purchaser(s) is/are assuming an indebtedness as evidenced by an existing lien, the dealer shall deliver into escrow documents executed by the legal owner and/or junior lienholder(s) consenting to the assumption by the buyer.(j) A statement that prior to the close of escrow, the dealer shall secure and deliver into escrow a signed and acknowledged release of any rights, title or interest in the MH-Unit or personal real property being sold or traded in as payment toward the MH-Unit being purchased, from the registered owner(s), legal owner and any junior lienholder(s). Any such release shall be conditioned upon the receipt of disbursement directly from the escrow account of the amount set forth in such release. If the dealer is assuming an existing lien, he or she shall deliver into escrow documents executed by the legal owner and/or junior lienholder(s) consenting to the assumption by the dealer.(k) A statement that prior to the close of escrow, when the MH-Unit is located in a mobilehome park at the time of sale and is to remain in the park, a statement signed by the purchaser shall be delivered into escrow, indicating that the purchaser has read the rules and regulations of the park, and entered into the park's rental agreement. A copy of a fully executed rental agreement signed by the purchaser may be substituted for the purchaser's agreement.(l) When the MH-Unit being either purchased or traded in as payment toward the MH-Unit being purchased is subject to local property taxation, the escrow instructions may provide for the proration of said taxes.(m) Any documentation required for disbursement pursuant to Section 5062 of this subchapter.(n) In the event a purchaser intends to arrange for third party financing without the assistance of the dealer, a statement that escrow shall terminate 30 calendar days from the date escrow was opened, and that all cash or cash equivalent, less escrow fees, will be returned to the purchaser, unless the purchaser delivers into escrow written confirmation from a lender that financing has been approved.(o) In the event of a conditional purchase document, a statement that if the contract is not executed by the date escrow is to close, escrow shall terminate and all cash or cash equivalent paid to the dealer be returned to the purchaser.(p) The date agreed upon, in writing, by the purchaser and dealer that escrow is to close.Cal. Code Regs. Tit. 25, § 5061
1. Certificate of Compliance, including amendment transmitted to OAL 11-3-82 and filed 12-15-82 (Register 82, No. 51).
2. Amendment of subsections (d), (i), (n) filed 2-1-84; effective upon filing pursuant to Government Code Section 11346.2(d) (Register 84, No. 5).
3. Change without regulatory effect amending subsection (g) and NOTE filed 7-6-2007 pursuant to section 100, title 1, California Code of Regulations (Register 2007, No. 27).
4. Amendment of section and NOTE filed 1-29-2010; operative 1-29-2010 pursuant to Government Code section 11343.4 (Register 2010, No. 5). Note: Authority cited: Section 18015, Health and Safety Code. Reference: Sections 18007, 18008, 18008.7, 18035, 18035.1, 18035.26, 18035.5 and 18036, Health and Safety Code.
1. Certificate of Compliance, including amendment transmitted to OAL 11-3-82 and filed 12-15-82 (Register 82, No. 51).
2. Amendment of subsections (d), (i), (n) filed 2-1-84; effective upon filing pursuant to Government Code Section 11346.2(d) (Register 84, No. 5).
3. Change without regulatory effect amending subsection (g) and Note filed 7-6-2007 pursuant to section 100, title 1, California Code of Regulations (Register 2007, No. 27).
4. Amendment of section and Note filed 1-29-2010; operative 1-29-2010 pursuant to Government Code section 11343.4 (Register 2010, No. 5).