N.M. Admin. Code § 19.2.21.11

Current through Register Vol. 35, No. 23, December 10, 2024

Section 19.2.21.11 - QUALIFICATION OF BIDDERS

In order to qualify to bid, each prospective bidder in an exchange must submit a bid qualification packet satisfying the following criteria the qualification deadline set forth in the public notice:

A. Each prospective bidder must deposit with the commissioner a non-refundable application fee, the publication costs described in the public notice, and cost of appraisal(s) as described in the public notice. Publication and appraisal cost deposits may be refunded to all prospective bidders except for the successful bidder.

B. Each prospective bidder must deposit with the commissioner the appraised value of the improvements on the trust land as determined by the commissioner, a waiver of payment of such amount signed by the owner of the improvements, or a bond sufficient to cover the appraised value if an appeal is to be taken, unless the prospective bidder is the owner of the improvements. Improvement value deposits will be refunded to all prospective bidders except for the successful bidder.

C. Prospective bidders proposing to offer in-kind payment for all or part of the bid must submit the following for the land or lands so offered subject to approval by the commissioner:

(1) a survey plat and legal description of the non-trust lands performed by a licensed professional surveyor in the state of New Mexico;

(2) an appraisal performed by a qualified appraiser conforming to the uniform standards of professional appraisal practice; the commissioner may require specific appraisal instructions and require that the appraiser be approved in advance; whenever possible, the appraiser must utilize an appraisal approach that allows the commissioner to identify raw land value as separate from the value of any improvements; the commissioner may exclude the value of improvements in order to determine the value of the land that may be used as in-kind payment; to the extent the commissioner considers the value of improvements for purposes of in-kind payment, their value will be separately evaluated by land office staff; the commissioner reserves the right to reject any appraisal;

(3) a title commitment for the non-trust with common details and any additional specific details as required by the commissioner in the public notice;

(4) a description of any water rights on the non-trust lands including documentation of the declaration or adjudication of such rights;

(5) a complete listing of cultural properties located on the non-trust lands and documentation thereof;

(6) a complete listing of hazardous materials or threatened or endangered species located on or in close proximity to the non-trust lands and documentation thereof; and

(7) a list of existing leases or other encumbrances on the land, if any, not shown in the title commitment.

D. Prospective bidders proposing to offer monetary payment for all or part of the bid must deposit with the commissioner a cash deposit or letter of credit, subject to review and approval by the commissioner, in an amount at least equivalent to either: 1) if no land is offered as partial in-kind payment, the full appraised value of the trust lands offered for exchange, or 2) if land is offered as partial in-kind payment, the difference between full appraised value of the trust lands and full appraised raw land value of the non-trust lands proposed as partial in-kind payment.

E. Prospective bidders may deposit in-kind or monetary payment, or any combination thereof, in excess of the full appraised value of the trust lands and any such amount deposited will set the minimum opening bid at the live public auction. Prospective bidders making deposits in excess of the full appraised value of the trust lands must clearly identify the full amount of their bid as distinguishable from all other required costs and fees.

N.M. Admin. Code § 19.2.21.11

19.2.21.11 NMAC - Rp, 19.2.21.9 NMAC, 06/29/12