New Mexico § 5-11-18.1 - Notice obligations to purchaser; requirements; remedies

§ 5-11-18.1. Notice obligations to purchaser; requirements; remedies

A. Prior to accepting an offer to purchase, a seller or an agent or broker of a seller

of residential real property that is located in a district established pursuant to

the Public Improvement District Act has an affirmative duty to provide to the purchaser

of the property a written notice of information filed with the county clerk pursuant

to Subsection B of Section 5-11-18 NMSA 1978 , in addition to the disclosure required by Section 47-13-4 NMSA 1978 , that includes: (1) information that the property is within a public improvement district; (2) the purpose of the district; (3) an explanation that the purchaser is obligated to pay any property tax or special

levy that is imposed by the district board; (4) an explanation that the property tax or special levy imposed by the district board

is in addition to any other state, county or other local governmental taxes and assessments; (5) for special levies: (a) if a special levy has not been authorized by the district board, information that

a special levy has not been authorized; or (b) if a special levy has been authorized by the district board: 1) the maximum special

levy that is authorized to be imposed upon the property in the district; or 2) that

the special levy to be imposed on the property in the district has been prepaid in

full as provided in the rate or method of apportionment; (6) for general obligation bonds: (a) if general obligation bonds have not been issued, information that general obligation

bonds have not been issued; or (b) if general obligation bonds have been issued: 1) the amount of general obligation

bonds that are outstanding; 2) the amount of annual debt service on outstanding general

obligation bonds; 3) that the maximum rate and amount of property taxes that may

be imposed upon the property in the district are limited only by the amount of debt

outstanding; and 4) the estimated or projected annual mill levy or special levy per

one thousand dollars ($1,000) of assessed value as of the date of the disclosure with

an explanation that the estimated levy or rate may be increased by the district board

when necessary to meet debt obligations; (7) information that the failure to pay the property tax or special levy could result

in the foreclosure of the property; (8) information that more information concerning the rate of the property tax or the

amount of the assessment and the due dates of each may be obtained from the governing

body that authorized the formation of the district; and (9) information that a feasibility study was completed as part of the formation of

the district and that the feasibility study is available through the governing body

that authorized the formation of the district. B. The provisions of Paragraphs (5) through (7) of Subsection A of this section shall

be set apart in a clear and conspicuous manner and in at least twelve-point bold type. C. This section does not apply to a transfer: (1) of property under a court order or foreclosure sale; (2) of property by a trustee in bankruptcy; (3) of property to a mortgagee by a mortgagor or successor in interest or to a beneficiary

of a deed of trust by a trustor or successor in interest; (4) of property by a mortgagee or a beneficiary under a deed of trust who has acquired

the land at a sale conducted under a power of sale under a deed of trust or a sale

under a court-ordered foreclosure or has acquired the land by a deed in lieu of foreclosure; (5) of property by a fiduciary in the course of the administration of a decedent's

estate, guardianship, conservatorship or trust; (6) of property from one co-owner to another co-owner of an undivided interest in

the real property; or (7) of only a mineral interest or leasehold interest. D. In the event of a finalized sale, any person who suffers any loss of money or property,

real or personal, as a result of a violation of Subsection A or B of this section

by a seller or an agent or broker of a seller may bring an action to recover actual

damages and may be granted injunctive relief under the principles of equity and on

terms that the court considers reasonable. The court shall award attorney fees and costs to the party complaining of a violation

if the party prevails and actual damages are awarded. The court shall award attorney fees and costs to the party charged with a violation

of Subsection A or B of this section if the court finds that the party complaining

of such violation brought an action that was groundless. The relief provided in this subsection is in addition to remedies otherwise available

against the same conduct under the common law or other laws of this state.