This bill establishes that acequia rights and obligations, as well as water rights, are considered material facts in real estate transactions in New Mexico. This means that these rights must be disclosed and taken into account when buying or selling property, ensuring that all parties are aware of any associated water rights and obligations tied to the land.

The bill includes new legal language that explicitly designates acequia rights and water rights as material facts in real estate transactions. Additionally, it sets an effective date for these provisions to take effect on July 1, 2025.