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 13 [47-7B-1 NMSA 1978] of the Condominium Act.
History: Laws 1982, ch. 27, § 68.
Compiler's notes. — This section is similar to § 4-120 of the Uniform Condominium Act, with the following main exceptions: "disclosure" is substituted for "public offering"; the bracketed language "[except pursuant to Section 5-103(b)]" is deleted following "may be conveyed"; and "pursuant to Section 13 of the Condominium Act" is substituted for "executed by an independent [registered] architect, surveyor or engineer, or by issuance of a certificate of occupancy authorized by law."
COMMISSIONERS' COMMENT
The purpose of this section, complemented by § 4-110 [47-7D-10 NMSA 1978], is to assure that the declarant is not able to obtain use of the purchaser's money until the purchaser is able to get a completed unit.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Condominiums and Cooperative Apartments §§ 14, 15, 22.
31 C.J.S. Estates § 153 et seq.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
