Any deposit made in connection with the purchase or reservation of a unit from a person required to deliver a disclosure statement pursuant to Subsection C of section 54 [47-7D-2 N.M. Stat. Ann.] of the Condominium Act shall be placed in escrow and held either in this state or in the state where the unit is located in an account designated solely for that purpose until:

contract signature

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Terms Used In New Mexico Statutes 47-7D-10

  • 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.

A. delivered to the declarant at closing;

B. delivered to the declarant because of the purchaser’s default under a contract to purchase the unit; or

C. refunded to the purchaser.

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