New Mexico Statutes 47-16-11. Contract disclosure statement or disclosure certificate;
right of cancellation of purchase contract.
Terms Used In New Mexico Statutes 47-16-11
- Contract: A legal written agreement that becomes binding when signed.
Except as provided in Section 12 [47-16-12 N.M. Stat. Ann.] of the Homeowner Association Act, a person selling a lot that is subject to an association shall provide in writing a disclosure certificate that states that the lot is located within a development that is subject to an association. If the lot is located within a development that is subject to an association and the association is subject to the Homeowner Association Act:
A. A seller or the seller’s agent shall obtain a disclosure certificate from the association and provide it to the purchaser no later than seven days before closing; and
B. A purchaser or the purchaser’s agent has the right to cancel the purchase contract within seven days after receiving the disclosure certificate.