Okla. Admin. Code § 605:10-13-3

Current through Vol. 42, No. 3, October 15, 2024

Section 605:10-13-3 - Special escrow disbursement

(a) In the event a dispute arises prior to the disbursement of any monies or other valuables held by a broker in escrow in connection with a real estate purchase contract, the broker shall continue to retain said money or valuables in escrow until he or she has a written release from all parties consenting to its disposition or until a civil action is filed to determine its disposition at which time he or she may pay or turn it into the court.

(b) In the absence of a pending civil action and upon the passage of thirty (30) days from the date of final termination of the contract, it shall not be considered grounds for disciplinary action by the Commission against a broker for a broker to disburse escrow monies or valuables to either purchaser or seller when the disbursement has been based on a good faith decision by the broker that the opposite party has failed to perform as agreed, such disbursement to be made, however, only after fifteen (15) days written notice to all parties concerned setting forth the broker's proposed action.

Amended at 14 Ok Reg 3031, eff 7-11-97; Amended at 15 Ok Reg 3322, eff 7-13-98