A. Except as provided in Subsection B of this section, Sections 53 through 72 of the Condominium Act apply to all units restricted to residential use subject to that act [ 47-7A-1 through 47-7D-20 NMSA 1978].
B. Neither a disclosure statement nor a resale certificate need be prepared or delivered in the case of:
(1) a gratuitous disposition of a unit;
(2) a disposition pursuant to court order;
(3) a disposition by a government or governmental agency;
(4) a disposition by foreclosure or deed in lieu of foreclosure;
(5) a disposition to a person in the business of selling real estate who intends to offer those units to purchasers;
(6) a disposition that may be canceled at any time and for any reason by the purchaser without penalty;
(7) a disposition to a nonresident alien; or
(8) a disposition of a unit restricted to nonresidential use.