Section 47-7D-9 - Resales of units. - New Mexico Statutes

47-7D-9. Resales of units.

A.     Except in the case of a sale where delivery of a disclosure statement is required, or unless exempt under Subsection B of Section 53 [47-7D-1 NMSA 1978] of the Condominium Act, a unit owner shall furnish to a purchaser before conveyance a copy of the declaration, other than the plats and plans, the bylaws, the rules or regulations of the association and a resale certificate from the association containing:   

(1)     a statement disclosing the existence and terms of any right of first refusal or other restraint on the free alienability of the unit;   

(2)     a statement setting forth the amount of the monthly common expense assessment and any unpaid common expense or special assessment currently due and payable from the selling unit owner;   

(3)     a statement of any other fees payable by unit owners;   

(4)     a statement of any capital expenditures anticipated by the association for the current and two next succeeding fiscal years;   

(5)     a statement of the amount of any reserves for capital expenditures and of any portions of those reserves designated by the association for any specified projects;   

(6)     the most recent regularly prepared balance sheet and income and expense statement, if any, of the association;   

(7)     the current operating budget of the association;   

(8)     a statement of any unsatisfied judgments against the association;   

(9)     a statement describing any insurance coverage provided for the benefit of unit owners; and   

(10)     a statement of the remaining term of any leasehold estate affecting the condominium and the provisions governing any extension or renewal thereof.   

B.     The association, within ten working days after receipt of a request by a unit owner, shall furnish a certificate containing the information necessary to enable the unit owner to comply with this section. A unit owner providing a certificate pursuant to Subsection A of this section is not liable to the purchaser for any erroneous information provided by the association and included in the certificate.   

C.     A purchaser is not liable for any unpaid assessment or fee greater than the amount set forth in the certificate prepared by the association. A unit owner is not liable to a purchaser for the failure or delay of the association to provide the certificate in a timely manner, but the purchase contract is voidable by the purchaser until the certificate has been provided and for seven days thereafter or until conveyance, whichever first occurs.