New Mexico Agreement Land Form – Fill Out and Use This PDF

EQUAL HOUSING

OPPORTUNITY

REALTORS® ASSOCIATION OF NEW MEXICO

PURCHASE AGREEMENT -VACANT LAND

PART I - BROKER DUTIES

Each Broker is obligated to disclose Broker Duties. Please acknowledge receipt of this information by signing or initialing at the bottom of the page.

Prior to the time a Broker generates or presents any written document that has the potential to become an Express Written agreement, the Broker shall disclose in writing to a prospective buyer, seller, landlord or tenant, the following list of Broker Duties that are owed to all Customers and Clients by all Brokers:

(A)Honesty and reasonable care; as set forth in the provisions of this section;

(B)Compliance with local, state, and federal fair housing and anti-discrimination laws, the New Mexico Real Estate License Law and the Real Estate Commission Rules and Regulations, and other applicable local, state, and federal laws and regulations;

(C)Performance of any and all oral or written agreements made with the Broker's Customer or Client;

(D)Assistance to the Broker's Customer or Client in completing the Transaction, unless otherwise agreed to in writing by the Customer or Client, including (1) Presentation of all offers or counter-offers in a timely manner, and (2) Assistance in complying with the terms and conditions of the contract and with the closing of the Transaction.

If the Broker in a Transaction is not providing the service, advice or assistance described in paragraphs (D)(1) and (2), the Customer or Client must agree in writing that the Broker is not expected to provide such service, advice or assistance, and the Broker shall disclose such agreement in writing to the other Brokers involved in the Transaction;

(E)Acknowledgment by the Broker that there may be matters related to the Transaction that are outside the Broker's

knowledge or expertise and that the Broker will suggest that the Customer or Client seek expert advice on these matters;

(F)Prompt accounting for all monies or property received by the Broker;

(G)Prior to the time a Broker generates or presents any written document that has the potential to become an Express Written Agreement, written disclosure of (1) any written Brokerage Relationship the Broker has with any other Parties to the Transaction and/or (2) any material interest or relationship of a business, personal, or family nature that the Broker has in the Transaction;

(H)Disclosure of any adverse material facts actually known by the Broker about the property or the Transaction, or about the financial ability of the Parties to the Transaction to complete the Transaction. Adverse material facts do not include data from a sex offender registry or the existence of group homes;

(I)Maintenance of any confidential information learned in the course of any prior Agency relationship unless the disclosure is with the former Client's consent or is required by law;

(J)Unless otherwise authorized in writing, a Broker shall not disclose to their Customer or Client during the transaction that their seller client or customer has previously indicated they will accept a sales price less than the asking or listed price of a property; that their buyer client or customer has previously indicated they will pay a sales price greater than the price submitted in a written offer; the motivation of their client or customer for selling or buying property; that their seller client or customer or their buyer client or customer will agree to financing terms other than those offered; or any other information requested in writing by the Broker's Customer or Client to remain confidential, unless disclosure is required by law.

RANM Form 4101 (2006)

Cover Page I

©2006 REALTORS® Association of New Mexico

Initials: Buyer ____ ____ Seller ____ ____

REALTORS® ASSOCIATION OF NEW MEXICO

PURCHASE AGREEMENT - VACANT LAND

PART II

1.BROKERAGE RELATIONSHIPS DISCLOSURE. Brokers may, but are not required to, disclose unwritten agreements with Buyer or Seller.

Buyer's Broker has a written agreement with Buyer as	a Transaction Broker	an Agent.
Buyer's Broker has a written agreement with Seller as	a Transaction Broker	an Agent.
Seller's Broker has a written agreement with Seller as	a Transaction Broker	an Agent.

This is an "in-house" transaction, one that occurs under the supervision of one qualifying broker and the Buyer's Broker and the Seller's Broker have written agreements with the Buyer and the Seller, respectively.

2. DUAL REPRESENTATION DISCLOSURE AND CONSENT (if applicable).

Brokerage is representing both Buyer and Seller as clients by means of a written agreement with each of them without creating dual agency, and Buyer and Seller hereby consent to this representation.

3. DUAL AGENCY DISCLOSURE (if applicable).

If both Buyer and Seller have a written agency agreement with Brokerage, and designated agency has not been chosen by the Qualifying Broker, Dual Agency exists. Prior to writing or presenting offer, Broker must obtain written authority from Buyer client and Seller client. (RANM Form 1301, Agency Agreement - Dual.)

4. Broker working with Buyer		does	does not

have a material interest or relationship of a business, personal or family nature in the transaction, including compensation from more than one party:

If the Brokerage or Qualifying Broker has a material interest or relationship of a business, personal or family nature in the transaction, that interest or relationship must also be disclosed separately.

BUYER'S BROKER

SELLER'S BROKER

Listing Firm
				Broker		is		is not a REALTOR®
Broker
Signature				Date				Time
RANM Form 4101 (2006)	Cover Page II	©2006 REALTORS® Association of New Mexico

EQUAL HOUSING

OPPORTUNITY

REALTORS® ASSOCIATION OF NEW MEXICO

PURCHASE AGREEMENT - VACANT LAND

OFFER DATE:

1. PARTIES.		("Buyer")

agrees to buy from Seller and

("Seller") agrees to sell and convey to Buyer the Property described in Paragraph 4.

2. PURCHASE PRICE.		$
A. APPROXIMATE CASH DOWN PAYMENT		$
(including the Earnest Money referred to in paragraph 3)
B. AMOUNT OF THE LOAN(S) described in Paragraph 7 below.		$
3. EARNEST MONEY. Buyer will deliver $					Earnest Money in the form of

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©2006 REALTORS® Association of New Mexico

Initials: Buyer ____ ____ Seller ____ ____

REALTORS® ASSOCIATION OF NEW MEXICO

PURCHASE AGREEMENT - VACANT LAND

C. The Property will include the following checked improvements, or if checked and nonexistent on the Property, will be installed and paid for by Seller prior to Settlement/Signing Date:

EXISTENCE OF IMPROVEMENTS IS NO GUARANTEE OF AVAILABILITY OF SERVICE, COST OR USE. SELLER DOES NOT WARRANTY CONDITION OF IMPROVEMENTS. FOR NOTICE OF REQUIREMENTS REGARDING LIQUID WASTE SYSTEMS, SEE PARAGRAPH 12A.

5.CLOSING. "Closing" is defined as a series of events by which Buyer and Seller satisfy all of their obligations in the Agreement. Closing is not completed until all parties have completed all requirements as stated below, as well as completing all other obligations under this Agreement. If either party elects to extend either of the following dates, they must do so in a writing signed by both parties. No extension is binding unless agreed to in writing by both parties. The parties further acknowledge that Seller will not receive the proceeds of sale until all the events stated under "Funding Date" have been completed.

A. Settlement/Signing Date:		, 20		:

1.Buyer and Seller agree to sign and deliver to the responsible closing officer all documents required to complete the transaction and to perform all other closing obligations of this Agreement on or before the above date.

2.Buyer and Seller agree to provide for the delivery of all required funds, exclusive of Lender funds, if any, using wired, certified or other "ready" funds acceptable to the closing officer, on or before the above date.

B. Funding Date (Completion of Closing): on or before, 20 . The Funding

Date is the date that the closing officer has funds available to disburse to all parties after recording all documents required to complete the transaction.

1.It is Buyer's responsibility to ensure that Buyer's lender, if any, makes available to the closing officer, wired, certified or other "ready" funds with written instructions to disburse funds, on or before the Funding Date as set forth above.

2.Buyer and Seller acknowledge that possession of the property will be in accordance with the terms of Paragraph 6 below.

Unless otherwise agreed to in writing, failure to perform any of the above items by either party shall constitute a default under this Agreement.

6. POSSESSION.

A. Buyer and Seller agree that Seller will give possession of the property to Buyer upon:

1."Funding Date" as set forth above at 5:00 p.m.; or,

2.Other:

B. If possession date is other than "Funding Date" as set forth above, then Buyer and Seller shall execute a separate written occupancy agreement. (See RANM 2201 and 2202.)

RANM Form 4101 (2006)

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©2006 REALTORS® Association of New Mexico Initials: Buyer ____ ____ Seller ____ ____

REALTORS® ASSOCIATION OF NEW MEXICO

PURCHASE AGREEMENT - VACANT LAND

7. CASH OR FINANCING CONDITIONS AND OBLIGATIONS.

A. MORTGAGE LOAN. This Agreement is contingent on receipt by Buyer of a $

secured by a mortgage loan for a maximum of							years. The mortgage loan will be closed at a maximum rate
of				% interest. Buyer will make diligent effort to obtain the loan and will make application for the
loan within			days after Date of Acceptance. In the event of written rejection this Agreement will terminate, and
the Earnest Money will be refunded to the Buyer. This Agreement is conditioned upon written approval of the
above-described loan on or before								.

CONVENTIONAL. It is expressly agreed that, notwithstanding any other provisions of this Agreement, Buyer shall not be obligated to complete the purchase of the Property or incur any penalty by forfeiture of Earnest Money if the Purchase Price exceeds the current estimated market value as established by a real estate appraiser or the lending institution to whom a loan application has been made. SELLERS OPTION: Seller may, at Seller's discretion, amend this Agreement to reduce the Purchase Price to an amount no greater than the current estimated market value, reasonable value or appraised value of the real estate as the case may be as established above by delivering written notice no more than 3 days after receipt of said notice of value or written notice of termination. If Seller does not elect to amend the Purchase Agreement, Buyer may proceed with the consummation of this Agreement without regard to the amount of reasonable or appraised or current market value, provided Buyer delivers written notice of such election within 5 days of the receipt of notice of the reasonable or appraised or current market value.

FHA. It is expressly agreed that, notwithstanding any other provisions of this contract, Buyer shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless the Buyer has been given, in accordance with HUD/FHA or VA requirements, a written statement by the Federal Housing Commissioner or a Direct Endorsement Lender setting forth the appraised value of the property, or a

VA Certificate of Reasonable Value (excluding closing costs) of not less than $. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value nor the condition of the property. Buyer should satisfy himself that the price and condition of the property are acceptable. SELLER'S OPTION: Seller may, at Seller's discretion, amend this Agreement to reduce the Purchase Price to an amount no greater than the current estimated market value, reasonable value or appraised value of the real estate as the case may be as established above by delivering written notice no more than 3 days after receipt of said notice of value or written notice of termination. If Seller does not elect to amend the Purchase Agreement, Buyer may proceed with the consummation of this Agreement without regard to the amount of reasonable or appraised or current market value, provided Buyer delivers written notice of such election within 5 days of the receipt of notice of the reasonable or appraised or current market value.

VA. It is expressly agreed that, notwithstanding any other provisions of this contract, Buyer shall not incur any penalty by forfeiture of earnest money or otherwise be obligated to complete the purchase of the real estate described herein, if the contract purchase price or cost exceeds the reasonable value of the real estate established by the Veterans Administration. SELLER'S OPTION: Seller may, at Seller's discretion, amend this Agreement to reduce the Purchase Price to an amount no greater than the current estimated market value, reasonable value or appraised value of the real estate as the case may be as established above by delivering written notice no more than 3 days after receipt of said notice of value or written notice of termination. If Seller does not elect to amend the Purchase Agreement, Buyer may proceed with the consummation of this Agreement without regard to the amount of reasonable or appraised or current market value, provided Buyer delivers written notice of such election within 5 days of the receipt of notice of the reasonable or appraised or current market value.

OTHER TYPE OF MORTGAGE LOAN:

It is expressly agreed that, notwithstanding any other provisions of this Agreement, Buyer shall not be obligated to complete the purchase of the Property or incur any penalty by forfeiture of Earnest Money if the Purchase Price exceeds the current estimated market value as established by a real estate appraiser or the lending institution to whom a loan application has been made. SELLER'S OPTION: Seller may, at Seller's discretion, amend this Agreement to reduce the Purchase Price to an amount no greater than the current estimated market value, reasonable value or appraised value of the real estate as the case may be as established above by delivering written notice no more than 3 days after receipt of

RANM Form 4101 (2006)

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©2006 REALTORS® Association of New Mexico Initials: Buyer ____ ____ Seller ____ ____