In case of a sale of a unit where delivery of a disclosure statement is required, a contract of sale may be executed, but no interest in that unit may be conveyed until the declaration is recorded and the unit is substantially completed, as evidenced by a recorded certificate of substantial completion pursuant to Section 13 [47-7B-1 NMSA 1978] of the Condominium Act.
History: Laws 1982, ch. 27, § 68.
Compiler's notes. — This section is similar to § 4-120 of the Uniform Condominium Act, with the following main exceptions: "disclosure" is substituted for "public offering"; the bracketed language "[except pursuant to Section 5-103(b)]" is deleted following "may be conveyed"; and "pursuant to Section 13 of the Condominium Act" is substituted for "executed by an independent [registered] architect, surveyor or engineer, or by issuance of a certificate of occupancy authorized by law."
COMMISSIONERS' COMMENT
The purpose of this section, complemented by § 4-110 [47-7D-10 NMSA 1978], is to assure that the declarant is not able to obtain use of the purchaser's money until the purchaser is able to get a completed unit.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Condominiums and Cooperative Apartments §§ 14, 15, 22.
31 C.J.S. Estates § 153 et seq.
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