Meetings for the discussion of the purchase, acquisition or disposal of real property or water rights by the public body may be closed to the public. Of course, action on the final purchase, acquisition or disposal of real property or water rights by the public body must take place in an open meeting. NMSA 1978 § 10-15-1-H (8)
The purpose of this OMA exception is to avoid the risk of alerting those who would take action that could result in lost opportunities or greater costs to the public body. AG OMA Guide, Commentary, p. 30.