2015 New Mexico Statutes
Chapter 47 - Property Law
Section 7D Condominium Act - Protection of Condominium Purchasers
Section 47-7D-10 Escrow of deposits.
47-7D-10. Escrow of deposits.
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.
History: Laws 1982, ch. 27, 62.
Disclaimer: These codes may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
