right of cancellation of purchase contract.

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Except as provided in Section 12 [47-16-12 N.M. Stat. Ann.] of the Homeowner Association Act, a person selling a lot that is subject to an association shall provide in writing a disclosure certificate that states that the lot is located within a development that is subject to an association. If the lot is located within a development that is subject to an association and the association is subject to the Homeowner Association Act:

A. A seller or the seller’s agent shall obtain a disclosure certificate from the association and provide it to the purchaser no later than seven days before closing; and

B. A purchaser or the purchaser’s agent has the right to cancel the purchase contract within seven days after receiving the disclosure certificate.