New Hampshire § 356-B-57 - Section 356-B:57 Escrow of Deposits.

§ 356-B-57. Section 356-B:57 Escrow of Deposits.

Any deposit made in regard to any disposition of any interest in a unit shall either be held in escrow until settlement or closing or shall be delivered to the person providing construction financing, who shall either hold said deposit in escrow or shall apply said deposit to the construction of the condominium; provided, however, that any deposit made under a nonbinding reservation agreement shall be placed in escrow. Subject to the foregoing, such escrow funds shall be deposited in a separate account designated for this purpose; provided, however, if such funds are being held by a real estate broker or attorney licensed under the laws of this state, they may be placed in that broker's or attorney's regular escrow account and need not be placed in a separate designated account. Such escrow funds shall not be subject to attachment by the creditors of either the purchaser or the declarant. Notwithstanding the foregoing requirement that the deposit be held in escrow, the department of justice's consumer protection and antitrust bureau may authorize the preclosing use of a portion of a deposit designated pursuant to a purchase and sales agreement for the payment of any of the following, on such terms as the bureau might reasonably impose: I. Customizations; II. Upgrades; III. Change orders; IV. Similar items; and V. Any combination of paragraphs I through IV.