There is a new Improvement Location Report (ILR) requirement that you should be aware of if you are selling property in Tanoan!

A new Tanoan HOA Policy requires the following:
If the seller does not have an ILR dated within 6 months of the sale of the property, the seller must obtain a new ILR. This is required even if neither the parties to the contract, the title company nor the lender requires a new ILR. It will be important for the parties/brokers to determine if the title company will be ordering this new ILR, as many title companies will not be doing so, if they (the title company), do not need a new ILR for the title binder.

In addition, the new Policy requires that the ILR be provided to the HOA sometime before Closing. Title companies do not traditionally provide documents to HOAs and even if the title company is willing to do so, they will likely need direction and a release from the seller to send the ILR or title binder to the HOA.

If the title company is unwilling to provide this information to the HOA, then it will be the responsibility of the seller to do so before closing.  

 - Ashley Strauss-Martin, NMAR Legal Hotline Attorney