Essential Paperwork For New Mexico Land Transactions

Essential paperwork for new mexico land transactions, understanding what essential paperwork is required can help ensure a successful real estate transaction. From property inspections to legal records, here is a look at some of the key documents that need to be prepared on either side.

Purchase Agreement

For buyers, a written purchase agreement is the foundation of the real estate sale. This document outlines the terms and conditions of the deal, including the legal property description, closing dates, contingencies and other important details. Buyers and sellers typically prepare this document together with their real estate agent or attorney.

Land Survey

In New Mexico, a land survey is a professional document that identifies the boundaries and measurements of a parcel of real estate. As part of a due diligence process, it is critical to determine the exact size and boundaries of your purchased land.

Land Discloser Documents

Seller disclosure laws require owners to share comprehensive information about their properties with prospective buyers. This includes identifying zoning restrictions, hazardous materials, potential environmental issues, and more. In addition to state laws, local city and county requirements may also apply.

Easements

Easements are a common aspect of the real estate sale process in New Mexico. They are legally recorded in the public land records (also known as the “Public Records”) in the same manner as deeds and mortgages. They can be created in many forms, including deeds, easement agreements, subdivision declarations and condominium declarations. New Mexico law also allows for the termination of an easement by the holder by executing and recording a release or quit claim deed back to the owner of the servient estate.