Environmental
The New Mexico Disclosure Statement requires sellers to disclose information about:
AOnly structural defects
BMaterial facts affecting the property including known environmental hazards, water rights, and physical conditions✓ Correct
COnly issues discovered within the last year
DOnly issues that would cost more than $1,000 to repair
Explanation
The NM Disclosure Statement requires sellers to disclose known material facts affecting the property, including physical conditions, environmental hazards, water rights, and other issues that might affect value or desirability.
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Key Terms to Know
Depreciation
A reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
State-Specific Concepts
Disclosure Requirements
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