New Mexico Public Improvement District Disclosure

Under the New Mexico Public Improvement District Act, before accepting an offer, a seller must provide a "Notice of Information" to a buyer informing them the property is in a Public Improvement District (PID). The disclosure explains that the buyer will pay extra property taxes to fund local infrastructure—like paved streets, sewer systems, parks, and libraries—above their normal property taxes.

Buyers have the legal right to cancel the purchase contract within seven days after receiving this disclosure.

What Are the Penalties For Failing To Provide the Notice of Information?

If a seller fails to provide this required information before accepting an offer to purchase, and the buyer loses money or property because of it, the buyer may take legal action to recover their actual damages. A court may also order other fair remedies, such as requiring the seller to correct the issue, under terms the court finds reasonable.

If the buyer wins the case and is awarded damages, the court must also award the buyer attorney fees and court costs. These remedies are in addition to any other legal rights or claims the buyer may have under common law or other New Mexico laws.

Where Can I Find the Notice of Information for My District? 

The New Mexico Department of Finance and Adminstration provides links to the Notice of Information for each district which you can find here: New Mexico Public Improvement Districts. You will need to download the PDF for your district and include it with your disclosures on the MLS. A potential buyer must sign the Notice as an acknowledgement of receipt. 

Where Can I Learn More?

Please see the New Mexico Public Improvement District Information Sheet

Include Your Disclosures on Your MLS Listing

When you list your home on the MLS with homecoin.com for a low, one-time flat fee, we will upload your disclosures directly in your MLS listing, so you can easily comply with New Mexico law. Learn more about our flat fee MLS service HERE.

Are There Any Exemptions to Providing the Disclosure?

Yes, please see the state statute for the most current list:

1. Transfer of property under a court order or foreclosure sale
2. Transfer of property by a trustee in bankruptcy
3. Transfer of property to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed of trust by a trustor or successor in interest
4. Transfer of property by a mortgagee or a beneficiary under a deed of trust who has acquired the land at a sale conducted under a power of sale under a deed of trust or a sale under a court-ordered foreclosure or has acquired the land by a deed in lieu of foreclosure
5. Transfer of property by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship or trust
6. Transfer of property from one co-owner to another co-owner of an undivided interest in the real property
7. Transfer of only a mineral interest or leasehold interest  

Return to New Mexico Real Estate Disclosure Requirements