Summary:

 House Bill 502 (HB 502) designates acequia rights and water rights as material facts in real estate transactions.

 

Legislation Overview:

 House Bill 502 (HB 502) creates a new section of law that designates acequia rights and water rights as material facts in real estate transactions.
HB 502 would be effective on 1 July 2025.

 

Current Law:

 All states require sellers and real estate licensees to disclose material facts although the exact rules vary from jurisdiction to jurisdiction. Material facts are defined as information that would influence a buyer’s decision to purchase a property or how much they might be willing to pay for it if they were made aware of that information. Material facts may include construction on the property without a permit; structural damage, environmental hazards; previous use as a drug lab; ongoing legal disputes; presence of asbestos or combustible cladding; and emotional impacts such as the property was the site of a murder.