Nev. Admin. Code § 598.040

Current through November 25, 2024

Section 598.040 - Release of money before close of escrow

No money may be released from an escrow account before the close of the escrow except to the manufacturer of the mobile home or another person or entity with whom the purchaser has contracted to provide improvements to the mobile home, when:

1. The purchase agreement and escrow instructions contain:

(a) The name of the manufacturer or other person or entity;

(b) A description of the work to be done; and

(c) A statement of the amount of money to be released;

2. The manufacturer or other person or entity makes a written demand upon the escrow agent for the disbursement from the escrow account; and

3. The written demand is approved in writing by the purchaser of the mobile home.

Nev. Admin. Code § 598.040

Mfd. Housing Div., Escrow Accounts Reg. § 2.4, eff. 12-30-81