Section 47-7D-19 – Declarant’s obligation to complete and restore.
A. The declarant shall complete all improvements labeled “MUST BE BUILT” on plats or plans prepared pursuant to Section 21 [47-7B-9 NMSA 1978] of the Condominium Act. B. The declarant is subject to liability for the prompt repair and restoration, to a condition compatible with the remainder of the condominium, of any portion of the […]
Section 47-7D-20 – Substantial completion of units.
In case of a sale of a unit where delivery of a disclosure statement is required, a contract of sale may be executed, but no interest in that unit may be conveyed until the declaration is recorded and the unit is substantially completed, as evidenced by a recorded certificate of substantial completion pursuant to Section […]
Section 47-7D-17 – Effect of violations on rights of action; attorney’s fees.
If a declarant or any other person subject to the Condominium Act fails to comply with any provision of that act or any provision of the declaration or bylaws, any person or class of persons adversely affected by the failure to comply has a claim for appropriate relief. The court, in an appropriate case, may […]
Section 47-7D-18 – Labeling of promotional material.
If any improvement contemplated in a condominium is labeled “NEED NOT BE BUILT” on a plat or plan or is to be located within a portion of the condominium with respect to which the declarant has reserved a development right, no promotional material shall be displayed or delivered to prospective purchasers which describes or portrays […]
Section 47-7D-5 – Time shares.
If the declaration provides that ownership or occupancy of any units is or may be in time shares, the disclosure statement shall disclose, in addition to the information required by Section 55 [47-7D-3 NMSA 1978] of the Condominium Act: A. a description of the time share interest that may be created; B. the number and […]
Section 47-7D-6 – Condominiums containing conversion buildings.
A. The disclosure statement of a condominium containing any conversion building shall contain, in addition to the information required by Section 54 [55] [47-7D-3 NMSA 1978] of the Condominium Act: (1) a statement by the declarant, based on a report prepared by a licensed architect or engineer, describing the present condition of all structural components […]
Section 47-7D-7 – Condominium securities.
If an interest in a condominium is currently registered with the securities and exchange commission of the United States, a declarant satisfies all requirements relating to the preparation of a disclosure statement of the Condominium Act if he delivers to the purchaser a copy of the prospectus approved by the securities and exchange commission. History: […]
Section 47-7D-8 – Purchaser’s right to cancel.
A. A person required to deliver a disclosure statement pursuant to Subsection C of Section 54 [47-7D-2 NMSA 1978] of the Condominium Act shall provide a purchaser of a unit with a copy of the disclosure statement and all amendments thereto before conveyance of that unit and not later than the date of any contract […]
Section 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, […]
Section 47-7D-10 – Escrow of deposits.
Any deposit made in connection with the purchase or reservation of a unit from a person required to deliver a disclosure statement pursuant to Subsection C of Section 54 [47-7D-2 NMSA 1978] of the Condominium Act shall be placed in escrow and held either in this state or in the state where the unit is […]