What is a New Mexico Real Estate Contract?
A New Mexico real estate contract is a legal agreement that is executed between a party selling a property (seller) and a party who is offering to buy the property (buyer).
This contract is typically prepared by the buyer or the buyer’s real estate agent once an offer is made. If the seller accepts the offer, the parties will negotiate the terms of the contract which can include:
- Purchase price
- Closing date and costs
- Contingencies
- Deadlines
A real estate contract must be in writing, and it becomes legally binding and enforceable once it is signed by both parties.
Common New Mexico Real Estate Contracts
Residential real estate contracts which are used to sell and purchase residential property are the most commonly used real estate contracts in New Mexico. Other contracts that you may see used for a real estate deal include:
- Commercial real estate contract. Used when buying or selling commercial property that will be used for business purposes.
- Contracts for deed. A contract that allows a buyer to make installment payments to the seller until the property is paid in full.
- Assignment contracts. A type of contract that allows the buyer to assign the contract to a secondary buyer. These are often used for investment purposes.
4 Essential Elements of a New Mexico Real Estate Contract
All real estate contracts in New Mexico must contain the following 4 essential elements:
- Made by the buyer to the seller.
- Something of value is promised in exchange for something else of value – usually the exchange of money for the property.
- The seller accepts the buyer’s offer.
- The buyer and the seller had a “meeting of minds” and intended to enter the contract.
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Meet some of our New Mexico Real Estate Contract Lawyers
David L.
Experienced real estate, business, and tax practitioner, representing start up and established businesses with formation, contracts, and operational issues.
Tiffany O.
Tiffany received her Juris Doctorate from the J. Reuben Clark Law School, Magna Cum Laude. She is admitted to the Utah State Bar and the New Mexico State Bar. She practices in the areas of real estate, general business, business formation, employment agreements, and civil litigation.
January 26, 2023
Judi P.
Driven attorney with a knack for alternative dispute resolution, real estate, corporate law, immigration, and basic estate planning, with superb people skills and high emotional intelligence, and for working smart and efficiently, as well as time and financial management skills to deliver excellent legal work and solutions to legal issues. Seasoned with 20+ years of law firm and legal experience (real estate/corporate).
June 19, 2023
Derek C.
Attorney with over 10+ years' experience and have closed over $1 Billion in real estate, telecommunications, & business transactions
July 27, 2023
James N.
I'm a Chicago native and Kansas City transplant that has made regulatory compliance and civil administrative litigation for heavily regulated industries my niche for the past decade.
July 31, 2023
Daniel W.
In my thirteen years of practice, I've had the opportunity to argue cases in state, federal, and tribal courts; in subjects as diverse as gaming, land tenure, water rights, treaty rights, finance, employment, criminal defense, conflict of laws, and tort (among others). But the real value I brought my clients came through avoiding litigation, fostering relationships, and developing long-term strategies.
January 29, 2024
Damian T.
Damian is a founding partner of Holon Law Partners. He began his career as an officer in the Marine Corps, managing legal affairs for his command in Okinawa, Japan. In this role, he conducted investigations, assembled juries for courts martial, and advised his commander on criminal justice matters. Damian was twice selected to serve as his unit’s liaison to the Japanese government and self-defense forces. Damian later worked as a transactional attorney in New York, where he handled commercial real estate, finance, and restructuring matters. He has also participated in insider trading investigations at the SEC, worked on compliance at a private equity firm, and managed legal operations and special projects at a vertically integrated cannabis company in New Mexico. Damian draws on these diverse experiences to provide his clients with creative solutions to thorny legal issues – from negotiating commercial leases to managing complex securities offerings. In addition to practicing law, Damian volunteers as a research assistant at the University of New Mexico Medical School’s McCormick Lab – studying the microbiology of longevity and aging. When not working, he enjoys spending time with his two pit bulls and pursuing his passions for foreign languages, art, philosophy, and fitness. Damian resides in Albuquerque, New Mexico.
Find the best lawyer for your project
Browse Lawyers NowReal Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
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ContractsCounsel User
Contract between unmarried couple buying a house
Location: Washington
Turnaround: Over a week
Service: Drafting
Doc Type: Real Estate Purchase Agreement
Number of Bids: 3
Bid Range: $1 - $750
ContractsCounsel User
Review of Wholesale Real Estate Contracts
Location: New Mexico
Turnaround: Less than a week
Service: Contract Review
Doc Type: Real Estate Purchase Agreement
Page Count: 3
Number of Bids: 3
Bid Range: $450 - $900
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