A. Within fourteen days of a written request made by a party to the escrow agreement, a licensee shall provide a full statement of the escrow account, setting forth credits to principal and interest for the period and other information requested.

Terms Used In New Mexico Statutes 58-22-18

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

B. Within the ten-day period following a buyer depositing the final payment on an account, the licensee shall send a notice to the seller and the buyer of property, containing a final statement of account, which statement shall disclose at a minimum the following information:

(1)     the names of the seller and the buyer on the account;

(2)     the address or legal description of real property or a definitive description of the property if it is not real property;

(3)     a statement that the account was paid in full; (4)     the amount of the final payment;

(5)     the date that the final payment was deposited with the licensee; and

(6)     the date that the final payment was or is expected to be disbursed by the licensee. Money shall be disbursed within five days of the money becoming available to the licensee.

C. A copy of the notice required by this section shall be retained by the licensee and shall be available for examination by the director pursuant to Section 58-22-17 N.M. Stat. Ann..

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