{"data":{"id":"us-mn/minn.-stat.-515b.4-109","jurisdiction":"us-mn","citation":"Minn. Stat. § 515B.4-109","heading":"ESCROW DEPOSITS.","body":"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 insurer 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.","path":["PROPERTY AND PROPERTY INTERESTS","CHAPTER 515B. MINNESOTA COMMON INTEREST OWNERSHIP ACT","ARTICLE 4 PROTECTION OF PURCHASERS"],"source_url":"https://www.revisor.mn.gov/statutes/cite/515B.4-109","current_through":"2025 Minnesota Statutes","vintage":"","retrieved_at":"2026-09-02T22:10:48Z","sha256":"0e0255643b402bc044c6131b78a8ffcf14391e6cdd8903bb3c540f85213030b1","source_id":"us-mn","stale":false,"prev":"us-mn/minn.-stat.-515b.4-108","next":"us-mn/minn.-stat.-515b.4-110"},"notice":"GroundRules: Original legal text. Not legal advice."}