N.M. Admin. Code § 16.61.24.12

Current through Register Vol. 35, No. 19, October 8, 2024

Section 16.61.24.12 - REPORTS AND DOCUMENTS TO OWNERS

A. Owner statements. The qualifying broker shall provide the owner with a report of receipts and disbursements monthly or as required by the management agreement, showing the following:

(1) previous balance;

(2) funds deposited by category;

(3) funds disbursed by category; and

(4) ending balance.

B. Additional reports may be provided as set forth in the property management agreement.

C. Documents. Fully executed copies of the management agreement shall be provided to the owner after obtaining all signatures. Signed leases or other documents related to the management agreement shall be provided to the owner upon request, except for documents that the property manager is prohibited by law or contract from disclosing, which may include but are not limited to criminal background checks and credit reports.

D. Final statement after termination. Final accounting of trust account or custodial account funds shall be provided to the owner within 60 days of the effective date of termination of a management agreement.

N.M. Admin. Code § 16.61.24.12

16.61.24.12 NMAC - Rp, 16.61.24.12 NMAC, 1-1-2012; A, 1-1-2014, Amended by New Mexico Register, Volume XXXI, Issue 23, December 15, 2020, eff. 1/3/2021