A New Mexico residential real estate purchase and sale agreement is an official document required for deals in the sphere of property transactions. Both the potential buyer and seller of the particular property should engage in the completion of the printable purchase agreement form. The monetary conditions preferred by the buyer, as well as acceptances, refusals, and negotiable points preferred by the property buyer, are included in the form. The closing date is also required in the document.
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Buying residential real property is a mature and desirable step for many. So, it should be approached with the utmost scrupulousness. For the deal to be drawn up correctly and not infringe on the rights of the participants, it is worth checking it with an attorney.
Make sure the real estate sales contract contains all the crucial elements:
After one party has presented the contract, the second party usually makes their own adjustments, and discussion begins. As a result of the negotiations, additional conditions and changes may be accepted. It is important to write down all the deadlines in the agreement so that discussions and reviews do not drag on for too long.
Together with the agreement, the seller of residential real property must provide the potential buyer with some disclosures. Below, we will analyze these documents in more detail.
Also, the buyer can carry out an independent inspection, usually at their own expense. The agreement specifies the timeframe within which this should be done. The buyer hires a licensed specialist who decides on the conformity of the house to the condition specified in the agreement and identifies additional defects. These defects can be eliminated at the expense of the seller, or the seller lowers the price. But in some cases, the parties do not reach a common solution, so they terminate the contract.
A contract also accompanies the sale or purchase of commercial real estate; the procedure is the same as in the previous version. The buyer proposes an offer in the form of an agreement and sends it to the seller. The seller studies the document and either immediately accepts the transaction (which is very rare) or rejects it, or the parties conduct additional negotiations.
With commercial real estate, there are often tight deadlines and budgets. Therefore, the buyer usually carries out an additional inspection at their own expense to ensure that the property in question suits their requirements. Also, in the agreement, the parties clearly state all schedules and deadlines. These relate not just to payments and financing but also to decision-making and inspection.
New Mexico state law requires the seller to make certain disclosures to buyers of the real property. There are three such documents in the state of New Mexico.
1. Lead-Based Paint Disclosure
This is the only disclosure type accepted by all states (42 US Code § 4852d). At the same time, it is necessary to fill it out only for houses built before 1978. It was not uncommon to use lead-based paint in those days, which causes devastating damage to human health. Therefore, the statement will indicate whether such paint was used during construction. The buyer has the right to know this.
2. Estimated Property Tax Levy Disclosure
Per § 47-13-4 of New Mexico Statutes, the seller uses a county assessor to estimate the property tax and provide a copy of the estimate to the buyer. Before handing over the document to the buyer, one must sign in with the local county assessor.
3. Seller’s Property Disclosure Statement
The seller is not required by state law to provide the buyer with disclosures about defects in the home, but it is highly recommended.
Reasons for making this disclosure:
It is significant to note that the seller does not need to hire an additional inspector to investigate all defects in the home. It will be enough to warn about those you are aware of. For instance, notify that there is mold in the bathroom or that the roof is leaking in several places.
And even more so, it is worth immediately mentioning defects that can harm human health. We have already mentioned lead-based paint, but it can also be other hazardous materials used during construction or hazardous burials on the property or the presence of a methamphetamine laboratory in the house. You can consult with an attorney to find out exactly whether or not to disclose certain information.
Honesty is the best policy for real estate transactions. If everyone sticks to it, things will be much faster and easier.