All purchase money received from or on behalf of a purchaser in connection with the execution of a contract shall be deposited and held in this State in an escrow account designated solely for that purpose, which may be the seller‘s own escrow account or that of the seller’s attorney, until the time for cancellation has expired as provided for in § 2824 of this title, unless a later time is provided in the contract. If the contract has not been canceled, any purchase money received from a purchaser may be released to the seller upon:

(1) The conveying to the purchaser of the right or license to use the time-share unit and facilities as required in the contract; or

(2) The forfeiture of the purchase money by the purchaser under the terms of the contract.

67 Del. Laws, c. 433, § ?1;

Terms Used In Delaware Code Title 6 Sec. 2826

  • Contract: means any written agreement of more than 1 year's duration, executed in whole or in part within the State which grants to a purchaser the rights and obligations of a time-sharing plan. See Delaware Code Title 6 Sec. 2822
  • Contract: A legal written agreement that becomes binding when signed.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Facilities: means any structure, service, improvement or real property, whether improved or unimproved, which is made available to the purchasers of a time-sharing plan. See Delaware Code Title 6 Sec. 2822
  • Purchaser: means any person who is buying or who has bought a time-share period in a time-sharing plan. See Delaware Code Title 6 Sec. 2822
  • Seller: means any developer, or any other person, or agent or employee thereof, who offers time-share periods for sale to the public in the ordinary course of business, except persons who have acquired a time-share period for their own occupancy and later offer it for resale. See Delaware Code Title 6 Sec. 2822
  • State: means the District of Columbia or the Commonwealth of Puerto Rico or any state, territory, possession, or other jurisdiction of the United States other than the State of Delaware. See Delaware Code Title 6 Sec. 17-101
  • Time-share unit: means an accommodation or facility of a time-sharing plan which is divided into time-share periods. See Delaware Code Title 6 Sec. 2822
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