N.J. Admin. Code § 5:26-6.4

Current through Register Vol. 56, No. 24, December 18, 2024

Section 5:26-6.4 - Deposits

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.