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 new provision that explicitly states that acequia rights and obligations, along with water rights, must be disclosed during real estate transactions. The effective date for these provisions is set for July 1, 2025.