0001| HOUSE BILL 456 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| DELORES C. WRIGHT | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO REAL ESTATE; PROVIDING FOR DISCLOSURE OF INFORMATION | 0013| IN LAND SALES; REQUIRING ROADS AND IMPROVEMENTS FOR CERTAIN LAND | 0014| SALES THAT DO NOT CONSTITUTE SUBDIVISIONS; PROVIDING A PENALTY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. REAL ESTATE SALES FIVE ACRES OR LESS--DISCLOSURE OF INFORMATION--PENALTY.-- | 0018| A. A seller of a parcel of real property shall | 0019| comply with the provisions of Subsections B through F of this | 0020| section if the parcel being sold: | 0021| (1) is located outside of the boundaries of any | 0022| municipality and is not within the extraterritorial planning and | 0023| platting jurisdiction of any municipality; | 0024| (2) is not within an approved subdivision; | 0025| (3) is five acres or less in area; and | 0001| (4) results from a division of a larger tract | 0002| of real property owned by the seller. | 0003| B. Within five days after the closing of the | 0004| transaction the buyer or a person acting on his behalf shall | 0005| record either a deed transferring legal title to the parcel to | 0006| the buyer or, if the buyer is purchasing his interest pursuant | 0007| to the terms of an executory real estate contract, the original | 0008| executed real estate contract. Recordation of the documents | 0009| shall be in the office of the county clerk of the county in | 0010| which the real property is located. | 0011| C. The seller shall deliver to the buyer at least | 0012| five days before the scheduled closing of the transaction a plat | 0013| of survey prepared by a licensed professional surveyor. The | 0014| plat shall show the parcel being sold and provide a legal | 0015| description of the parcel. The plat may show other parcels of | 0016| real property in addition to the parcel being sold. The plat | 0017| shall depict with proper references to recorded documents an | 0018| easement providing access from a public road to the parcel being | 0019| sold and shall also depict the location on the ground of any | 0020| road that provides road access to the parcel. The easement for | 0021| access shall be at least thirty-five feet in width if the | 0022| easement provides access to less than five parcels and shall be | 0023| at least fifty feet in width if it provides access to more than | 0024| five parcels. Utility service easements shall also be shown on | 0025| the plat. A copy of the plat shall be attached to the deed or | 0001| executory real estate contract prior to recording of the | 0002| instrument after closing. | 0003| D. The seller shall deliver to the purchaser a | 0004| written disclosure statement at least three days before closing. | 0005| The disclosure statement shall include: | 0006| (1) the name and address of the seller and | 0007| seller's agent; | 0008| (2) the name and address of the person who is | 0009| recorded as having legal and equitable title to the property | 0010| offered for sale or lease and a statement of the condition of | 0011| title, including any liens or encumbrances, unless a policy of | 0012| title insurance insuring buyer's title is furnished to the buyer | 0013| subsequent to closing and a title insurance commitment is | 0014| furnished to the buyer at least five days before closing; | 0015| (3) a statement of all restrictions or | 0016| reservations of record that affect the property or its use or | 0017| occupancy; | 0018| (4) a statement as to the availability, | 0019| easements for and current estimated cost of extending public | 0020| utilities, including electricity, water, sewer and telephone | 0021| services to the property; | 0022| (5) a statement estimating current depth to | 0023| ground water if subsurface water is the only source available | 0024| for potable water; | 0025| (6) a description of the available means of | 0001| liquid waste disposal for the property and any limitations of | 0002| the department of environment on the use of septic tanks on the | 0003| property, if sewage utilities are not available; and | 0004| (7) a statement describing roads for access to | 0005| the property, identifying parties responsible for maintenance | 0006| and identifying any obligation imposed upon the buyer for road | 0007| maintenance under any common road maintenance agreement. | 0008| E. The disclosure statement shall be printed in | 0009| English and Spanish if requested by the buyer. A copy of the | 0010| disclosure statement shall be signed by both the seller and | 0011| buyer and attached to the purchase agreement or deed prior to | 0012| closing and shall be recorded as an exhibit to the document that | 0013| is recorded first. | 0014| F. At least five days prior to the date established | 0015| in the purchase agreement for closing, the seller shall furnish | 0016| to the buyer either: | 0017| (1) a commitment to furnish a title insurance | 0018| policy covering the property; or | 0019| (2) an abstract of title covering a continuous | 0020| twenty year title to the property up to the date of closing | 0021| unless the buyer waives the right to receive the title evidence | 0022| or agrees to acquire it at the buyer's expense. | 0023| G. Any sale of a parcel of real property by a person | 0024| in violation of the provisions of this section is a misdemeanor | 0025| and upon conviction the person shall be punished by a fine of | 0001| not more than five thousand dollars ($5,000) or by imprisonment | 0002| for a definite term not to exceed one year, or both. | 0003| - - | 0004| State of New Mexico | 0005| House of Representatives | 0006| | 0007| FORTY-SECOND LEGISLATURE | 0008| SECOND SESSION, 1996 | 0009| | 0010| | 0011| February 11, 1996 | 0012| | 0013| | 0014| Mr. Speaker: | 0015| | 0016| Your BUSINESS AND INDUSTRY COMMITTEE, to whom has | 0017| been referred | 0018| | 0019| HOUSE BILL 456 | 0020| | 0021| has had it under consideration and reports same with | 0022| recommendation that it DO PASS, and thence referred to the | 0023| JUDICIARY COMMITTEE. | 0024| | 0025| Respectfully submitted, | 0001| | 0002| | 0003| | 0004| | 0005| Fred Luna, Chairman | 0006| | 0007| | 0008| Adopted Not Adopted | 0009| | 0010| (Chief Clerk) (Chief Clerk) | 0011| | 0012| Date | 0013| | 0014| The roll call vote was 7 For 3 Against | 0015| Yes: 7 | 0016| No: Alwin, Hobbs, Macko | 0017| Excused: None | 0018| Absent: Gubbels, Varela | 0019| | 0020| | 0021| | 0022| | 0023| H0456BI1 |