2006 Minnesota Statutes

515B.4-109 ESCROW DEPOSITS.
All earnest money paid or deposits made in connection with the purchase or reservation of
units from or with a declarant shall be deposited in an escrow account controlled jointly by the
declarant and the purchaser, or controlled by a licensed title insurance company or agent thereof,
an attorney representing either the declarant or the purchaser, a licensed real estate broker, an
independent bonded escrow company, or a governmental agency or instrumentality. The escrow
account shall be in an institution whose deposits are insured by a governmental agency or
instrumentality. The money or deposits shall be held in the escrow account until (i) delivered to
the declarant at closing; (ii) delivered to the declarant because of the purchaser's default under a
reservation agreement or a contract to purchase the unit; (iii) delivered to the purchaser pursuant
to the provisions of section 515B.4-106 or the provisions of a reservation agreement or a contract
to purchase; or (iv) delivered for payment of construction costs pursuant to a written agreement
between the declarant and the purchaser.
History: 1993 c 222 art 4 s 9; 2005 c 121 s 40