California housing & land-use law
10 CCR § 2791.1. Purchase Money Impounds.
Title 10, California Code of Regulations (real estate), as enacted — this section's verbatim text. The library holds selected sections of this code, not the whole code.
- Edition
- 2026-09-23 official publisher snapshot
- Effective
- 1996-11-13
- Last updated
- 2026-09-26
- Jurisdiction
- California
§ 2791.1¶
Purchase Money Impounds.
(a) The amount of the money paid or advanced by a prospective buyer or lessee toward the purchase or lease of a subdivision interest (Purchase Money) that must be deposited and retained in an escrow depository or trust account pursuant to Section 11013.2(a) or 11013.4(a) of the Code shall ordinarily be the entire amount of the Purchase Money less disbursements made to third parties for services enumerated in subdivision (b) of Regulation 2791.
(b) For purposes of compliance with Section 11013.2(a) of the Code:
(1) A proper release has not ben obtained from a deed of trust encumbering subdivision lots or parcels unless an instrument has been duly recorded unconditionally reconveying and releasing the lot or lots being sold or leased from the lien or charge of such deed of trust.
(2) As an alternative to obtaining a proper release from the lien or charge of such deed of trust, it shall be deemed acceptable by the commissioner, pursuant to the provisions of Section 11013.2(d) of the Code, if:
(A) the holder of the deed of trust has duly executed an agreement or demand (“release agreement”) wherein the holder has agreed, notwithstanding any provision to the contrary in the deed of trust, to promptly perform any act reasonably necessary to record an instrument unconditionally reconveying and releasing the subdivision lots or parcels being sold from the lien or charge of the deed of trust upon payment to the holder of an amount or amounts specified in the release agreement as the release price for the affected subdivision lots or parcels, and the holder has further agreed that specific performance of the terms and provisions of the release agreement shall be compelled in favor of the purchaser or lessee of the lot or lots;
(B) the release agreement has been deposited with the escrow holder for the transaction(s);
(C) the subdivider has notified each purchaser or lessee that the release agreement is available upon request from the escrow holder; and
(D) each purchaser or lessee has been provided a policy of title insurance insuring the purchaser or lessee against loss by reason of the deed of trust.
Official source: § 2791.1. Purchase Money Impounds..
Source snapshot retrieved: 2026-09-23T18:11:09.140Z.
- Amendment filed 11-13-96; operative 11-13-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 46).
Version dates (indexing metadata): Effective 1996-11-13.
Date derivation (indexing metadata): This is the current publisher text. The filing history states: "3. Amendment filed 11-13-96; operative 11-13-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 46)." The indexing start is therefore 1996-11-13. No earlier version is represented.