A. The disclosure statement of a condominium containing any conversion building shall contain, in addition to the information required by Section 54 [55] [ 47-7D-3 NMSA 1978] of the Condominium Act:
(1) a statement by the declarant, based on a report prepared by a licensed architect or engineer, describing the present condition of all structural components and mechanical and electrical installations material to the use and enjoyment of the building; and
(2) a list of any outstanding notices of uncured violations of building codes or other municipal regulations, together with the estimated cost of curing those violations.
B. Paragraph (1) of Subsection A of this section applies only to buildings containing more than fifteen units that shall be occupied for residential use.