Whether you’re a land buyer or seller, several types of paperwork must be signed to finalize the sale. Discrepancies or misunderstandings in closing documents can delay or even derail the entire process. All documentation must be completed properly so that all parties are protected from legal action. guide to paperwork in new mexico land deals.

EASEMENTS IN NEW MEXICO

An easement is an interest in real property that doesn’t confer ownership or title but does give certain rights. Generally speaking, easements are used for access and utility purposes. They can be created in a variety of ways including deeds, easement agreements and subdivision or condominium declarations. However, it’s typically better to create an easement by agreement rather than through a deed since a deed may not adequately address all issues that pertain to easements.

Closing Paperwork

In New Mexico, a purchase contract, also known as a Contract for Deed, must be signed by both the buyer and seller to formalize the sale. This document contains details such as the legal property description, tax parcel number, and a detailed purchase price. The document should also include a land survey and a Real Estate Disclosure Form. In addition, if the property contains a residence, a Residential Lead-Based Paint Disclosure must be included.

Taking the time to research the local ecosystem, zoning laws, and regulations is also vital in a successful New Mexico land sale. You should also review any existing liens, encumbrances or outstanding debt on the property. In addition, consulting with a licensed attorney can help avoid mistakes or misunderstandings that could cost you down the road.