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Section 42-5A-11 - Report of open-market sale.

NM Stat § 42-5A-11 (2019) (N/A)
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A. Unless required to do so within a shorter time by Chapter 42, Article 5 NMSA 1978, a broker appointed under Subsection B of Section 10 [42-5A-10 NMSA 1978] of the Uniform Partition of Heirs Property Act to offer heirs property for open-market sale shall file a report with the court not later than seven days after receiving an offer to purchase the property for at least the value determined under Section 6 [42-5A-6 NMSA 1978] or 10 of the Uniform Partition of Heirs Property Act.

B. The report required by Subsection A of this section shall contain the following information:

(1) a description of the property to be sold to each buyer;

(2) the name of each buyer;

(3) the proposed purchase price;

(4) the terms and conditions of the proposed sale, including the terms of any owner financing;

(5) the amounts to be paid to lienholders;

(6) a statement of contractual or other arrangements or conditions of the broker's commission; and

(7) other material facts relevant to the sale.

History: Laws 2017, ch. 41, § 11.

Effective dates. — Laws 2017, ch. 41, § 21 made Laws 2017, ch. 41, § 11 effective January 1, 2018.

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Section 42-5A-10 - Open-market sale, sealed bids or auction.
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Section 42-5A-12 - Uniformity of application and construction.