New Mexico Residential Real Estate
For many New Mexico homeowners, their residences comprise their largest single financial purchases and investments. So, it is only natural for homeowners to fiercely protect the values of these significant, personal real estate holdings, especially when buying or selling real estate.
Why Partner with a New Mexico Real Estate Agent and Real Estate Lawyer?
During residential real estate transactions, whether as buyer or seller, many New Mexico property owners readily report that their decision to partner with a local real estate agent and residential real estate lawyer helped them immeasurably. For one, they were able to navigate their respective real estate transactions more smoothly, without costly and time-consuming delays or added stress. Additionally, they believed their partnerships with local real estate professionals helped them circumvent challenges, pitfalls, and issues, as well as minimize resulting damages and losses. Local real estate agents and real estate attorneys were able to spot and problem-solve proactively on their behalves to keep their real estate transactions progressing smoothly in a forward momentum. In the end, these New Mexico property owners concur that residential real estate lawyers bring a wealth of experience, knowledge, planning, training, and legal acumen to the table with respect to all aspects of home ownership within the state.
Residential Real Estate Transactions in New Mexico
Residential real estate legal practices are state-specific and vary from one jurisdiction to the next. Some key components to real estate transactions within New Mexico that every homeowner or prospective homeowner should review in advance of entering the real estate process include:
- Purchase and Sale Agreement: An enforceable real estate contract in New Mexico must be written and signed. The contract is often called a Purchase and Sale Agreement. It defines sale terms, buyer and seller names, price, property description, location, and closing date. These written contracts can be form-driven like those typically provided by licensed real estate agents, or they can be customized and prepared uniquely. Regardless of format, they should be universally used in all real estate transactions.
- Mortgage: This document creates a lien against the subject property to secure the payment debt associated with the property's sale price. Mortgages are typically recorded in the land records at the local registry of deeds office. These instruments are not released from the title of the property until the lender is fully paid. Typically, a mortgage is coupled with a promissory note that specifies the loan's terms. The promissory note sets forth interest rate, payments, due dates, and default terms.
- Deed: This document is prepared, signed, and recorded locally at the registry of deeds office. It conveys title to real estate from seller to buyer. The document describes the seller and buyer, real estate, and limits and conditions on property use (if any).
- Title Search: This process is used to discover whether the property being purchased is owned legally by the seller. The search of the property's chain of title in local land records reveals whether there are any mortgages or liens against the property. It shows whether there are any property restrictions that impact use of the property, such as zoning or environmental considerations. The search is usually conducted at the local registry of deeds office.
- Title Insurance: This is an insured statement detailing the condition of the title and rights to ownership of the subject property. It is prepared for the buyer. This insurance guarantees a buyer will truly own the property he or she intends to purchase after closing because the property's title is free and clear of liens and any other forms of encumbrance or defect. Most large mortgage lenders will not lend purchase money for homes without title insurance in place because banks recognize and appreciate the importance of this component.
- Closing: This meeting is held between a property's buyers and sellers. At the meeting, they exchange the deed and keys for the sale proceeds. The other documents associated with the real estate transaction and mortgage loan are executed, too.
Locate a Local New Mexico Residential Real Estate Attorney Today
Local real estate attorneys routinely counsel clients on dealing with problems that tend to arise within a real estate transaction, such as during the title search process; with property, tax, judgment, and other liens; or when repairs are needed should a problematic home inspection reveals serious, costly defects. Call now to speak with a residential real estate attorney in New Mexico at 877-913-7222.