A. Unless required to do so within a shorter time by N.M. Stat. Ann. Chapter 42, Article 5, a broker appointed under Subsection B of Section 10 [42-5A-10 N.M. Stat. Ann.] of the Uniform Partition of Heirs Property Act to offer heirs property for open-market sale shall file a report with the court not later than seven days after receiving an offer to purchase the property for at least the value determined under Section 6 [42-5A-6 N.M. Stat. Ann.] or 10 of the Uniform Partition of Heirs Property Act.

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B. The report required by Subsection A of this section shall contain the following information:

(1)     a description of the property to be sold to each buyer; (2)     the name of each buyer;

(3)     the proposed purchase price;

(4)     the terms and conditions of the proposed sale, including the terms of any owner financing;

(5)     the amounts to be paid to lienholders;

(6)     a statement of contractual or other arrangements or conditions of the broker’s commission; and

(7)     other material facts relevant to the sale.