Deposits taken in connection with the sale of cooperative interests by a cooperative housing corporation, with respect to units intended for residential use shall be deposited and held in an interest-bearing escrow account for the benefit of the purchaser, until such time as the transaction closes unless the escrow requirement is expressly waived by the purchaser.
Vt. Stat. Ann. tit. 11, § 1600
Deposits; sale of cooperative interests; escrow
Known as the Cooperative Housing Ownership Act
The act spans §§ 11–11 (30 sections).
Added 1987, No. 254 (Adj
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.