Buying a home in New MexicoNew Mexico state law has two disclosure requirements, the second of which is unusual. The main purpose is to make sure buyers don’t get a big shock after the purchase of their new home.
- In New Mexico, a seller must provide a prospective buyer with a disclosure form listing any and all material defects of which they have knowledge. A seller who knows the plumbing on the second floor has a leak, or there is rising damp behind the refrigerator in the kitchen, must inform the buyer. The disclosure requirements are detailed in New Mexico Statutes § 47-13, which is more commonly known as the Real Estate Disclosure Act. Many buyers still commission a home inspection to check for undisclosed or unknown defects
- New Mexico law states that a seller of a property must inform a buyer of any information about future tax burdens the buyer may or may not be aware of as the new owner of the home (New Mexico Statutes § 47-13-4)