California Civil Code

§ 1057.3

CIV § 1057.3Div. 2 · Title 4 · Part 4 · Ch. 1 · Art. 3

Statute text

(a)It shall be the obligation of a buyer and seller who enter into a contract to purchase and sell real property to ensure that all funds deposited into an escrow account are returned to the person who deposited the funds or who is otherwise entitled to the funds under the contract, if the purchase of the property is not completed by the date set forth in the contract for the close of escrow or any duly executed extension thereof.

(b)Any buyer or seller who fails to execute any document required by the escrow holder to release funds on deposit in an escrow account as provided in subdivision (a) within 30 days following a written demand for the return of funds deposited in escrow by the other party shall be liable to the person making the deposit for all of the following:

(1)The amount of the funds deposited in escrow not held in good faith to resolve a good faith dispute.

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Legislative history

Added by Stats. 1990, Ch. 13, Sec. 1.