As used in the Real Estate Disclosure Act:
A. "estimated amount of property tax levy" means the product of one-third of the listed price of the residential real property being sold or otherwise transferred in the transaction multiplied by the current property tax rates applicable to the property if those tax rates have been imposed in accordance with Section 7-38-34 NMSA 1978 for the current year for the county in which the property is located or, in all other cases, by the tax rates for the prior year;
B. "listed price" means the current price at which the residential property is being marketed;
C. "seller's broker" means a real estate broker acting on behalf of a residential property seller; and
D. "buyer's broker" means a real estate broker acting on behalf of a prospective residential property purchaser.
History: 1978 Comp., § 47-13-1.1, enacted by Laws 2009, ch. 165, § 2.
Effective dates. — Laws 2009, ch. 165, § 4 made Laws 2009, ch. 165, § 2 effective July 1, 2009.
Structure New Mexico Statutes
Article 13 - Real Estate Disclosure
Section 47-13-1 - Short title.
Section 47-13-1.1 - Definitions.
Section 47-13-2 - Disclosure of information not required in real estate transactions.
Section 47-13-3 - Cause of action, termination or rescission.
Section 47-13-4 - Finding; disclosure of information required in certain real estate transactions.
Section 47-13-5 - Disclosure of certain distributed energy generation systems.