§ 35.322. Nonwaiver of escrow duty.

 A broker’s escrow duty may not be waived or altered by an agreement between the parties to the transaction, between the broker and the parties, or between the broker and other brokers who may be involved in the transaction.

Authority

   The provisions of this §  35.322 issued under the Real Estate Licensing and Registration Act (63 P.S. § §  455.101—455.902).

Source

   The provisions of this §  35.322 adopted February 24, 1989, effective February 25, 1989, 19 Pa.B. 781.

Notes of Decisions

   Where a deposit from a prospective purchaser was never entrusted to a real estate agent and the prospective purchaser, with knowledge, enters into an agreement to pay a deposit directly to the builder, there is no duty to deposit those funds into an escrow account. Ramalingam v. Keller Williams Realty Group, Inc., 121 A.3d 1034 (2015).

---

No part of the information on this site may be reproduced for profit or sold for profit.

This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.