New Mexico is a Non-Disclosure State, What does that really Mean?
Recently I attended a Town Hall Meeting for Real Estate Professionals, and the term “Non-Disclosure” kept coming up. It was obvious that many of the people there were not truly aware of what it really means, so I decided, well it is time for me to tackle the subject. In terms of Real Estate, What is a “Non-Disclosure” state? No…it does not mean that you are not required to disclose “material” information when conducting business.
To my understanding, all it means, is that the Sale Price of Homes is not public information. So you might say…BS. In fact it is so. Imagine if Zillow had all the sale price of homes here in New Mexico, do you believe that the Zestimate,would be more accurate? You bet it would. And how many agents put out that information in the public domain?
The big question I have is, why not release that information? What are the consequences of releasing it anyway? There are states in which that information is public…I think it is just a matter of time before we see the move toward more disclosure. What’s your opinion?