Escrow of deposits
- Statute:
- New Mexico §47-7D-10 · Article CONDO (New Mexico Condominium Act (NMSA 47-7A-1 to 47-7D-20))
- Topic:
- Member Rights · Deposits
- Applies to:
- Condo associations
Any deposit on a purchase or reservation from a person required to deliver a disclosure statement must be placed in escrow in New Mexico or the state where the unit is located, in an account designated solely for that purpose, until it is delivered to the declarant at closing, delivered to the declarant because of the purchaser's default, or refunded to the purchaser.
📄 Read the official text at nmonesource.com →
How SoShiny helps with Escrow of deposits
SoShiny tracks every member, owner, and renter at the unit level with the contact details and access rights this statute protects. Privacy-respecting by default, with statutory directory disclosures and opt-outs handled per-member.
See the feature → Start freeFrequently asked
- What does New Mexico §47-7D-10 require?
- Any deposit on a purchase or reservation from a person required to deliver a disclosure statement must be placed in escrow in New Mexico or the state where the unit is located, in an account designated solely for that purpose, until it is delivered to the declarant at closing, delivered to the declarant because of the purchaser's default, or refunded to the purchaser.
- Who does New Mexico §47-7D-10 apply to?
- New Mexico §47-7D-10 applies to Condo associations in New Mexico.
- What happens if our condo doesn't comply with §47-7D-10?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for New Mexico community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of New Mexico §47-7D-10?
- The official text is published by the New Mexico Legislature at nmonesource.com. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Escrow of deposits?
- SoShiny tracks every member, owner, and renter at the unit level with the contact details and access rights this statute protects. Privacy-respecting by default, with statutory directory disclosures and opt-outs handled per-member. Learn more →
Not legal advice. This page is a plain-English summary of New Mexico §47-7D-10 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a New Mexico-licensed attorney. For the official statutory text, see the link above.
Stay current on New Mexico association law.
Get the free quick-reference guide plus a heads-up when the statutes that govern your community change.
Don’t run your condo on spreadsheets.
Start your community free →