Section 47-7D-1 - Requirement for disclosure statement. - New Mexico Statutes

47-7D-1. Requirement for disclosure statement.

A.     Except as provided in Subsection B of this section, Sections 53 through 72 of the Condominium Act apply to all units restricted to residential use subject to that act [47-7A-1 to 47-7D-20 NMSA 1978].   

B.     Neither a disclosure statement nor a resale certificate need be prepared or delivered in the case of:   

(1)     a gratuitous disposition of a unit;   

(2)     a disposition pursuant to court order;   

(3)     a disposition by a government or governmental agency;   

(4)     a disposition by foreclosure or deed in lieu of foreclosure;   

(5)     a disposition to a person in the business of selling real estate who intends to offer those units to purchasers;   

(6)     a disposition that may be canceled at any time and for any reason by the purchaser without penalty;   

(7)     a disposition to a nonresident alien; or   

(8)     a disposition of a unit restricted to nonresidential use.