New Mexico · NMSA 1978, §47-7D-9New Mexico condo resale certificate: documents, ten working days and the seven-day exit

When a New Mexico condominium unit is resold – not a developer sale that needs a disclosure statement, and not an exempt transfer – the unit owner furnishes the buyer, before conveyance, the declaration (without plats and plans), the bylaws, the association's rules and a resale certificate from the association (NMSA 1978, §47-7D-9(A)). The certificate states any right of first refusal or other restraint on resale; the monthly assessment and any unpaid assessments due; other fees; capital expenditures expected this year and the next two; reserves; the latest balance sheet and income statement; the current budget; unsatisfied judgments against the association; the insurance for unit owners; and any leasehold term (§47-7D-9(A)(1)–(10)). The association furnishes the certificate within ten working days after the owner's request, and the owner isn't liable for errors in it (§47-7D-9(B)). The buyer isn't liable for unpaid assessments or fees above the certificate amount, and the purchase contract is voidable by the buyer until the certificate is provided and for seven days after, or until conveyance if that comes first (§47-7D-9(C)).