New Mexico § 47-7D-10 Escrow of deposits

New Mexico Statutes

§ 47-7D-10 — Escrow of deposits

New Mexico § 47-7D-10

Ch. 47Property Law

Art. 7DCondominium Act - Protection of Condominium

This text of New Mexico § 47-7D-10 (Escrow of deposits) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 47-7D-10 (2026).

Text

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 NMSA 1978] 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: 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.

Free access — add to your briefcase to read the full text and ask questions with AI

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 NMSA 1978] 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: 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.