Locate New Mexico Real Estate Lawyers
In New Mexico, real estate law is a very broad area of law governing anything that has to do with the ownership of land and buildings.
Real estate law can apply to many numerous facets of a personal and professional life. It can apply to anything from the purchase of a vacant lot, to renting prime downtown office space.
New Mexico real estate law can be very intricate, because it's really a collection of a lot of different areas of law. These areas of law include property rights, contracts, land use, and many others.
Having a good general knowledge of New Mexico real estate law can make a lot of transactions, such as purchasing a house or renting an apartment, much easier.
Common Real Estate Issues in New Mexico
Financing: Most people in New Mexico probably can't afford to buy a house or a piece of land up front. Consequently, most individuals and business use some form of financing to purchase real estate, typically a mortgage. A mortgage is a loan used to buy a piece of real estate, with the purchased real estate simultaneously securing the loan.
Disclosure: When a house or other structure is for sale, the seller has to tell prospective buyers about all physical defects of which the seller is aware, and which the buyer couldn't be reasonably expected to discover. However, if you are selling a house, you should probably just disclose every defect you're aware of. This will save you a great deal of potential liability. Even if your disclosure of a particular defect wasn't required (because the buyer could have easily discovered it), the buyer might still sue, and the cost of defending this lawsuit, even if you win, will be very high.
Warranty of Habitability: This applies in residential leases. Landlords are under a legal duty, whether it's specifically stated in the lease agreement or not, to ensure that the rented property is fit for human habitation. The requirements for habitability often include electricity, heating, running water, a working phone line, and protection from the elements. Of course, that list is not exhaustive.
Zoning: Zoning regulations typically divide cities into sections, or "zones," and state what types of buildings can be built in the different sections. Zones will be categorized by the type of use permitted, such as residential, industrial, commercial, etc. If you own a piece of property and want to make improvements to it, you should check the local zoning ordinance to guarantee that any improvements you plan on making comply with all of New Mexico's zoning regulations.
Do I Need a New Mexico Real Estate Lawyer?
These matters can be pretty complicated, and the above discussion only scratched the surface of the huge body of law that can affect real estate transactions. Therefore, if you think any business or personal plan you have might be affected by real estate law, you should consult with a New Mexico real estate lawyer as soon as possible.
Interesting Facts About New Mexico
New Mexico is situated in the Southwestern region of the U.S. It is often considered the prime example of Southwestern life and culture in America. Before becoming part of the U.S., the New Mexico region was once part of the Imperial Viceroyalty of Spain. This is reflected in the red and gold colors of the state flag, which reference the region's Spanish origins.
New Mexico's state Constitution was approved in 1912 and authorizes the form of government in the state. The New Mexico court system is organized into different levels beginning with the Municipal Courts and ending with the Supreme Court of New Mexico. New Mexico has also instituted a one-of-a-kind "Problem-Solving Court" system, which is authorized to provide special interventions for drug offenders.
The state of New Mexico has also launched a Court Improvement Project (CIP). The CIP is aimed at improving the quality and efficiency of judiciary proceedings in New Mexico. One of the state's most famous court cases is Liebeck v. McDonald's (1994), popularly known as "The McDonald's hot coffee case". The case spawned a whole host of liability claims for fast-food chains, and was featured in a television documentary film.
Lawyers in New Mexico handle many types of cases ranging from simple legal claims to complex claims like the Liebeck case. New Mexico lawyers are skilled at providing legal advice and zealously represent clients during lawsuits. Working with a New Mexico lawyer can help make the legal process run much smoother.