Purchaser's right to cancel
- Statute:
- New Mexico §47-7D-8 · Article CONDO (New Mexico Condominium Act (NMSA 47-7A-1 to 47-7D-20))
- Topic:
- Member Rights · Cancel a purchase
- Applies to:
- Condo associations
Deliver the disclosure statement before conveyance and not later than the contract date. Unless it was given more than seven days before the contract was executed, the purchaser may cancel within seven days after first receiving it, by hand delivery or prepaid U.S. mail, without penalty, and all payments are refunded promptly. If no statement is delivered at all and the unit is conveyed, the purchaser may rescind within six months of conveyance by delivering back a deed subject only to no encumbrance the purchaser caused.
📄 Read the official text at nmonesource.com →
How SoShiny helps with Purchaser's right to cancel
SoShiny tracks every member, owner, and renter at the unit level with the contact details and access rights this statute protects. Privacy-respecting by default, with statutory directory disclosures and opt-outs handled per-member.
See the feature → Start freeFrequently asked
- What does New Mexico §47-7D-8 require?
- Deliver the disclosure statement before conveyance and not later than the contract date. Unless it was given more than seven days before the contract was executed, the purchaser may cancel within seven days after first receiving it, by hand delivery or prepaid U.S. mail, without penalty, and all payments are refunded promptly.
- Who does New Mexico §47-7D-8 apply to?
- New Mexico §47-7D-8 applies to Condo associations in New Mexico.
- What happens if our condo doesn't comply with §47-7D-8?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for New Mexico community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of New Mexico §47-7D-8?
- The official text is published by the New Mexico Legislature at nmonesource.com. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Purchaser's right to cancel?
- SoShiny tracks every member, owner, and renter at the unit level with the contact details and access rights this statute protects. Privacy-respecting by default, with statutory directory disclosures and opt-outs handled per-member. Learn more →
Not legal advice. This page is a plain-English summary of New Mexico §47-7D-8 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a New Mexico-licensed attorney. For the official statutory text, see the link above.
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