Escrow of deposits
- Statute:
- North Carolina §47C-4-110 · Chapter 47C (North Carolina Condominium Act)
- Topic:
- Member Rights · Deposits
- Applies to:
- Condo associations
Any deposit made in connection with the purchase or reservation of a unit from a person required to deliver a public offering statement must be placed in escrow in this State, in an account designated solely for that purpose, with an escrow agent as this section provides, and may not be commingled.
📄 Read the official text at ncleg.gov →
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 North Carolina §47C-4-110 require?
- Any deposit made in connection with the purchase or reservation of a unit from a person required to deliver a public offering statement must be placed in escrow in this State, in an account designated solely for that purpose, with an escrow agent as this section provides, and may not be commingled.
- Who does North Carolina §47C-4-110 apply to?
- North Carolina §47C-4-110 applies to Condo associations in North Carolina.
- What happens if our condo doesn't comply with §47C-4-110?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for North Carolina community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of North Carolina §47C-4-110?
- The official text is published by the North Carolina General Assembly at ncleg.gov. 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 North Carolina §47C-4-110 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a North Carolina-licensed attorney. For the official statutory text, see the link above.
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