0001| HOUSE BILL 1067
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| DELORES C. WRIGHT
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0006|
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0007|
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0008|
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0009|
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0010| AN ACT
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0011| RELATING TO REAL ESTATE; PROVIDING FOR DISCLOSURE OF
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0012| INFORMATION IN LAND SALES; REQUIRING ROADS AND IMPROVEMENTS FOR
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0013| CERTAIN LAND SALES THAT DO NOT CONSTITUTE SUBDIVISIONS;
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0014| PROVIDING A PENALTY.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. REAL ESTATE SALES OF FIVE ACRES OR LESS--
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0018| DISCLOSURE OF INFORMATION--PENALTY.--
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0019| A. A seller of a parcel of real property shall
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0020| comply with the provisions of Subsections B through F of this
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0021| section if the parcel being sold:
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0022| (1) is located outside of the boundaries of
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0023| any municipality and is not within the extraterritorial
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0024| planning and platting jurisdiction of any municipality;
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0025| (2) is not within an approved subdivision;
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0001| (3) is five acres or less in area; and
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0002| (4) results from a division of a larger tract
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0003| of real property owned by the seller.
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0004| B. Within five days after the closing of the
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0005| transaction the buyer or a person acting on his behalf shall
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0006| record either a deed transferring legal title to the parcel to
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0007| the buyer or, if the buyer is purchasing his interest pursuant
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0008| to the terms of an executory real estate contract, the original
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0009| executed real estate contract. Recordation of the documents
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0010| shall be in the office of the county clerk of the county in
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0011| which the real property is located.
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0012| C. The seller shall deliver to the buyer at least
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0013| five days before the scheduled closing of the transaction a
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0014| plat of survey prepared by a licensed professional surveyor.
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0015| The plat shall show the parcel being sold and provide a legal
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0016| description of the parcel. The plat may show other parcels of
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0017| real property in addition to the parcel being sold. The plat
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0018| shall depict with proper references to recorded documents an
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0019| easement providing access from a public road to the parcel
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0020| being sold and shall also depict the location on the ground of
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0021| any road that provides road access to the parcel. The easement
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0022| for access shall be at least thirty-five feet in width if the
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0023| easement provides access to less than five parcels and shall be
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0024| at least fifty feet in width if it provides access to more than
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0025| five parcels. Utility service easements shall also be shown on
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0001| the plat. A copy of the plat shall be attached to the deed or
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0002| executory real estate contract prior to recording of the
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0003| instrument after closing.
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0004| D. The seller shall deliver to the purchaser a
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0005| written disclosure statement at least three days before
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0006| closing. The disclosure statement shall include:
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0007| (1) the name and address of the seller and
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0008| seller's agent;
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0009| (2) the name and address of the person who is
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0010| recorded as having legal and equitable title to the property
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0011| offered for sale or lease and a statement of the condition of
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0012| title, including any liens or encumbrances, unless a policy of
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0013| title insurance insuring buyer's title is furnished to the
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0014| buyer subsequent to closing and a title insurance commitment is
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0015| furnished to the buyer at least five days before closing;
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0016| (3) a statement of all restrictions or
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0017| reservations of record that affect the property or its use or
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0018| occupancy;
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0019| (4) a statement as to the availability,
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0020| easements for and current estimated cost of extending public
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0021| utilities, including electricity, water, sewer and telephone
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0022| services to the property;
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0023| (5) a statement estimating current depth to
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0024| ground water if subsurface water is the only source available
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0025| for potable water;
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0001| (6) a description of the available means of
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0002| liquid waste disposal for the property and any limitations of
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0003| the department of environment on the use of septic tanks on the
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0004| property, if sewage utilities are not available; and
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0005| (7) a statement describing roads for access to
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0006| the property, identifying parties responsible for maintenance
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0007| and identifying any obligation imposed upon the buyer for road
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0008| maintenance under any common road maintenance agreement.
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0009| E. The disclosure statement shall be printed in
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0010| English and Spanish if requested by the buyer. A copy of the
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0011| disclosure statement shall be signed by both the seller and
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0012| buyer and attached to the purchase agreement or deed prior to
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0013| closing and shall be recorded as an exhibit to the document
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0014| that is recorded first.
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0015| F. At least five days prior to the date established
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0016| in the purchase agreement for closing, the seller shall furnish
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0017| to the buyer either:
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0018| (1) a commitment to furnish a title insurance
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0019| policy covering the property; or
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0020| (2) an abstract of title covering a continuous
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0021| twenty-year title to the property up to the date of closing
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0022| unless the buyer waives the right to receive the title evidence
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0023| or agrees to acquire it at the buyer's expense.
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0024| G. Any sale of a parcel of real property by a
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0025| person in violation of the provisions of this section is a
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0001| misdemeanor and upon conviction the person shall be punished by
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0002| a fine of not more than five thousand dollars ($5,000) or by
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0003| imprisonment for a definite term not to exceed one year, or
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0004| both.
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