Any deposit made in connection with the purchase or reservation of a unit from a declarant shall be placed in escrow and held in this state in an account designated solely for that purpose by a licensed title insurance company or agent of the licensed title insurance company, an attorney, a licensed real estate broker, or an independent bonded escrow company, and shall be deposited in an institution whose accounts are insured by a governmental agency or instrumentality, or any other lawful escrow or trust account, until:
(1) Delivered to the declarant at closing;
(2) Delivered to the declarant because of purchaser's default under a contract to purchase the unit;
(3) Refunded to the purchaser;
(4) Interpleaded into a court of appropriate jurisdiction; or
(5) Disbursed pursuant to a final order of a court of appropriate jurisdiction.