North Carolina General Statutes 47C-4-110. Escrow of deposits
Terms Used In North Carolina General Statutes 47C-4-110
- 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.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(a) Any deposit made in connection with the purchase or reservation of a unit from a person required to deliver a public offering statement pursuant to N.C. Gen. Stat. § 47C-4-102(c) shall be immediately deposited in a trust or escrow account in a federally insured depository institution or a trust institution authorized to do business in this State and shall remain in the account for such period of time as a purchaser is entitled to cancel pursuant to N.C. Gen. Stat. § 47C-4-108 or cancellation by the purchaser thereunder whichever occurs first. Payments held in such trust or escrow accounts shall be deemed to belong to the purchaser and not the seller.
(b) Except as provided in N.C. Gen. Stat. § 47C-4-108, nothing in subsection (a) is intended to preclude the parties to a contract from providing for the use of progress payments by the declarant during construction. (1985 (Reg. Sess., 1986), c. 877, s. 1; 2015-93, s. 1; 2017-25, s. 2(c).)