New Mexico Administrative Code
Title 14 - HOUSING AND CONSTRUCTION
Chapter 12 - MANUFACTURED HOUSING
Part 4 - BONDS AND TRUST ACCOUNTS
Section 14.12.4.9 - DEPOSITS
Universal Citation: 14 NM Admin Code 14.12.4.9
Current through Register Vol. 35, No. 18, September 24, 2024
A. Consumer deposits for a manufactured home transaction will not be collected without a bona fide purchase agreement or buyer's order signed by both buyer and seller which shall include but is not limited to: year, model, manufacturer, serial number if unit is in stock, purchase price, required deposit and financing terms of the purchase.
B. Deposits will be refunded in full if financing is denied or terms of approval are significantly different from original agreement. If the buyer fails to complete his obligation for the purchase, deposits will be refunded as follows.
(1) Deposits on units in stock will be
refunded in full less all actual costs incurred by the seller, such costs to be
a maximum of 5% of the purchase price.
(2) Deposits units ordered for a specific
purchaser will be refunded in full, less all actual costs incurred by the
seller, such costs to be a maximum of 10% of the purchase price. Seller must
fully disclose that the unit will be ordered.
(3) Deposits on homes requiring repairs,
upgrades, modifications or changes agreed to by both buyer and seller in
writing will be refunded in full less actual costs of repairs, upgrades,
modifications, or changes.
C. The timetable for refund of deposits is.
(1) Cash deposits should be refunded within
one (1) business day, but in no case, later than five (5) business days after
the request for refund.
(2) Check
deposits should be refunded within one (1) business day after clearing the
maker's bank, but in no case, later than five (5) business days, after the
refund request.
(3) Deposits other
than cash or check will be refunded no later than two (2) days after the refund
request.
Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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