N.M. Admin. Code § 14.12.4.9 - DEPOSITS
A. Consumer
deposits for a manufactured home transaction will not be collected without a
bona fide purchase agreement or buyer's order signed by both buyer and seller
which shall include but is not limited to: year, model, manufacturer, serial
number if unit is in stock, purchase price, required deposit and financing
terms of the purchase.
B. Deposits
will be refunded in full if financing is denied or terms of approval are
significantly different from original agreement. If the buyer fails to complete
his obligation for the purchase, deposits will be refunded as follows.
(1) Deposits on units in stock will be
refunded in full less all actual costs incurred by the seller, such costs to be
a maximum of 5% of the purchase price.
(2) Deposits units ordered for a specific
purchaser will be refunded in full, less all actual costs incurred by the
seller, such costs to be a maximum of 10% of the purchase price. Seller must
fully disclose that the unit will be ordered.
(3) Deposits on homes requiring repairs,
upgrades, modifications or changes agreed to by both buyer and seller in
writing will be refunded in full less actual costs of repairs, upgrades,
modifications, or changes.
C. The timetable for refund of deposits is.
(1) Cash deposits should be refunded within
one (1) business day, but in no case, later than five (5) business days after
the request for refund.
(2) Check
deposits should be refunded within one (1) business day after clearing the
maker's bank, but in no case, later than five (5) business days, after the
refund request.
(3) Deposits other
than cash or check will be refunded no later than two (2) days after the refund
request.
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