Bill > HB502

This bill designates acequia rights and water rights as material facts in real estate transactions in New Mexico. An acequia is a traditional irrigation canal system used in the southwestern United States, particularly in New Mexico, that has deep historical roots in Spanish and Indigenous agricultural practices. By classifying these rights as "material facts," the bill requires that information about acequia and water rights must be disclosed during real estate sales, ensuring potential property buyers are fully informed about existing water-related rights and obligations associated with a piece of land. The bill will go into effect on July 1, 2025, giving real estate professionals and property owners time to understand and implement the new disclosure requirements. This legislation aims to increase transparency in real estate transactions and help preserve the important cultural and agricultural water management practices associated with acequias.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=502&year=25