New Mexico Real Estate Purchase Agreement

A New Mexico residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.

Do Sellers in New Mexico Have To Disclose Property Defects?

• Whether any owner or occupant has been diagnosed with HIV or any other medical condition that is not related to the occupancy of real estate
• Whether the property has been the site of a death or felony

Required Seller Disclosures in New Mexico

New Mexico sellers of residential real estate must make the following disclosures, as appropriate, in order for a real estate purchase agreement to be considered legally binding:

• Seller’s Property Disclosure: Discloses material defects with a property that are known to the seller at the time of sale, and details any potential issues and conditions that may affect the value of the property.
• Lead-Based Paint Disclosure: Any home constructed earlier than 1978 must come with a disclosure upon the transfer of the property which includes any information about the presence of lead on the premises, as well as educational materials that communicate the health risks associated with lead exposure.
• Estimated Property Tax Levy Disclosure: Provides a statutory disclosure of tax burden information, including the estimated amount of property tax levy and the listed price used in the estimate. The seller must provide a copy of the assessor’s response, in writing, to the prospective buyer.

Sources

A seller, lessor or landlord of real property, including a participant in an exchange of real property and any agent involved in such a transaction, shall not be liable for failure to disclose and shall not have a duty to disclose to any person who acquires, by voluntary or involuntary transfer, a legal or equitable interest in the real property, including any leasehold interest or security interest for an obligation, the fact or suspicion that the real property is or has been:

A. the site of a natural death;

B. the site of a homicide, suicide, assault, sexual assault or any other crime punishable as a felony; or

C. owned or occupied by a person who was exposed to, infected with or suspected to be infected with the human immunodeficiency virus or diagnosed to be suffering from acquired immune deficiency syndrome or any other disease that has been determined by medical evidence as highly unlikely to be transmittable to others through the occupancy of improvements to real property or that is not known to be transmitted through the occupancy of improvements located on that real property.

Frequently Asked Questions

How Do You Write a Real Estate Contract in New Mexico? To write a real estate contract in New Mexico, you will need to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get Out of a Real Estate Contract in New Mexico? You can get out of a real estate contract in New Mexico during several stages of the buying process. First, the offer must be accepted to make it binding. If the seller rejects the offer, the buyer can make a counter-offer or leave the deal. Read more » What Is the Effective Date of a Real Estate Contract in New Mexico? In New Mexico, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in New Mexico? In New Mexico, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill Out a Real Estate Contract in New Mexico? To fill out a real estate contract in New Mexico, first, download our customizable New Mexico real estate contract template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal. Read more »