This bill establishes that acequia rights and water rights are considered material facts in real estate transactions in New Mexico. By designating these rights and obligations as material facts, the bill aims to ensure that potential buyers are fully informed about the water rights associated with a property, which can significantly impact its value and usability.

The bill includes a provision that specifies the effective date of these changes as July 1, 2025. This timeline allows for the necessary adjustments in real estate practices and ensures that all stakeholders are aware of the new requirements regarding the disclosure of acequia and water rights in property transactions.