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