§ 47-11-4 — Disclosure statement

Each developer shall fully and conspicuously disclose to each purchaser in a disclosure statement at least the following information: A. the total financial obligation of the purchaser, including the initial purchase price and any additional charges to which the purchaser may be subject; B. any person who has or may have the right to alter, amend or add to charges to which the purchaser may be subject and the terms and conditions under which such charges may be imposed; C. the nature and duration of each agreement between the developer and the person managing the time share program or its facilities; D. the date of availability of each amenity and facility of the time share program which is not completed at the time of sale of a time share; E. the specific term of the time share; F. the purchaser's right to cancel within seven days of execution of the contract and how that right may be exercised under the New Mexico Time Share Act; and G. a statement that under New Mexico law an instrument conveying a time share must be recorded in the office of the clerk of the county where the real property is located to protect that interest.

Legislative History

Laws 1986, ch. 97, § 5.