New Mexico has NOT enacted its own standalone buyer-representation-agreement statute comparable to Texas's SB 1968 or California's AB 2992. Research confirms New Mexico relies on the national NAR settlement / MLS participation rule (the August 17, 2024 nationwide requirement that MLS-participating brokers sign a written buyer agreement before touring homes, with conspicuous compensation disclosure) layered on top of New Mexico's pre-existing, more general state law framework: NMSA 1978 Section 47-1-45 (requires real estate brokerage agreements generally to be in writing to be enforceable) and New Mexico Real Estate Commission rule 16.61.19.8 NMAC (requires brokers to disclose applicable broker duties and obtain written acknowledgment before presenting any document that could become an express written agency agreement, and defines 'agency'/'exclusive agency' as requiring an express written agreement). Neither of these NM provisions was newly created in response to the 2024 NAR settlement — they predate it and are broader in scope (covering seller/listing agency too), not settlement-specific buyer-representation codification. No bill was found in the 2025 New Mexico legislative session enacting a settlement-specific buyer-agreement statute. In practice, compliance in New Mexico is driven by the New Mexico Association of REALTORS' updated standard forms (Form 1206 'Buyer Brokerage Agreement,' revised July/August 2024, and short-form 1206A, plus Form 1208 'Notice to Unrepresented Buyer') which implement the NAR settlement terms — this is an industry/MLS-driven compliance mechanism, not new state statutory law. This places New Mexico in the same category as New York: reliant on the national settlement/MLS rule plus pre-existing general state agency law, rather than a new settlement-specific statute.
Facts on this page reflect research current as of 2026-07-05. Programs, rates, and laws change — confirm current figures with the relevant state agency before relying on them.