This bill establishes that acequia rights and water rights are to be considered material facts in real estate transactions in New Mexico. The inclusion of these rights and obligations as material facts 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 will take effect on July 1, 2025, allowing time for real estate professionals and stakeholders to adjust to the new requirements regarding the disclosure of acequia and water rights in property transactions.