Q: I live in a subdivision that has a Home Owner’s Association (HOA). My house is on the market and I am being told that I must provide a disclosure certificate to my buyer? I have bought and sold before and have never had to do this. Can you please explain?
In 2013, the NM State Legislature passed a law requiring sellers to provide buyers with a “disclosure certificate.” The law went into effect on July 1, 2013. The purpose of the disclosure is to give your buyer information about the business affairs of the HOA so that they can make an informed decision about the financial health of the HOA prior to buying. Talk with the President of your HOA about obtaining this disclosure to give to your buyer. Your REALTOR® can also assist you in obtaining the required disclosure.