(765 ILCS 605/24) (from Ch. 30, par. 324)
Sec. 24.
Deposits by Purchaser.
Any deposit, payment or advance in
the payment of the purchase price for the initial sale of a unit, received
by the developer or his agent other than a payment made for extra work ordered
in writing by the purchaser of a unit, shall be held in an escrow account until
title is conveyed to the purchaser. The escrow funds shall be segregated in a
separate account designated for this purpose. The developer shall deposit all
the payments in an interest bearing account at a federally insured bank or
savings and loan institution, which account shall be maintained within
applicable federal insurance limits, and all the interest is to be credited to
the purchaser on the purchase price of the unit. Such interest shall accrue
from the time of the deposit, payment or advance in the payment of the purchase
price of the unit. There shall be no interest however, if the transfer of title
takes place 45 days from the time the contract to purchase is entered. In the
event of a refund or default, the interest earned on such deposit, payment or
advance shall follow the disposition of the deposit, payment or advance. Escrow
funds shall not be subject to attachment by any creditor of a purchaser or of
the developer or by the holder of a lien against any portion of the property.
The provisions of this Section shall not apply to any payment
received on account for the purchase of a completed condominium unit
under articles of agreement for deed, installment agreement for deed, or
lease with option to purchase, if the agreement provides for conveyance
of title more than one year after the date of execution of the agreement.
(Source: P.A. 88-417.)
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