Home Sale Law in New Mexico

Buying or selling a house can be an exciting but stressful time in a person's life. It also requires a person to make a large number of possibly life-changing financial and legal decisions.

Because of the complexity of these issues, most people in Deming, New Mexico don't opt to sell real estate themselves, even though there are no laws barring them from doing so.

For that reason, it's usually best to buy and sell property through a real estate broker. This is a person who helps a person buy or sell a home. They serve as an intermediary between the buyer and seller, help sellers find buyers, and help prospective buyers. They also handle a great deal of the paperwork and other formalities involved.

In Deming, New Mexico, brokers usually receive compensation in the form of a percentage of the sale price of the home.

Getting a Mortgage in Deming, New Mexico

Any direct questions asked of the seller by the buyer must be answered truthfully. This is particularly the case if the buyer asks about defects in the property. If the seller lies in response to such questions, they have just committed a very significant form of fraud. If the buyer later discovers this defect (after buying the property) he can sue the seller for any physical or financial harm caused by it.

Most significant defects (those which have any effect on the value or safety of the home) should be disclosed even if the buyer doesn't ask about them. If the seller knows of a defect, and a reasonable buyer wouldn't be able to know it through a normal inspection, the seller must disclose it.

Buyers should remember, nonetheless, that if they are not blameless in their failure to discover defects, they might not be able to recover if they sue.

In general, buyers of real estate have to conduct diligent inspections of property they wish to purchase. A failure to do so might keep the buyer from recovering if they're injured by a defect which they could have discovered.

Can a Deming, New Mexico Real Estate Attorney help?

If you are buying a home in Deming, New Mexico, there are probably things you want to focus on other than paperwork and required inspections, such as the process of moving in, checking out schools, etc. A reputable real estate attorney can make it much easier to focus on the aspects of home ownership that matter to you.