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 individuals in Truth Or Consequences, 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 normally 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 assist 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.
Truth Or Consequences, New Mexico real estate brokers are normally paid by taking a pre-determined portion of the house's sale price.
Getting a Mortgage in Truth Or Consequences, New Mexico
First and foremost, if a buyer asks any question of the seller relating to physical defects in the property, the seller must, under all situations, be as truthful as possible. In this case being "as truthful as possible" means answering such questions to the best of your knowledge, and making reasonable efforts to find the answers if you don't know them. Lying in this case is very bad idea, and will expose you to serious civil penalties
There are some defects, however, that the seller should disclose whether asked or not. Typically, if the seller knows about any defects that are not readily apparent, he or she should disclose them to the buyer, whether or not the buyer directly asks. This will greatly reduce the chances of the seller being held liable for any defects.
Buyers, nonetheless, also have duties in this area. A buyer will not be rewarded for refusing to exercise due diligence.
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 Truth Or Consequences, New Mexico Real Estate Attorney help?
As you can imagine, there are many more legal and financial issues that can affect the outcome of a real estate transaction. However, buying a house is also a very exciting time for most people. A seasoned Truth Or Consequences, New Mexico real estate attorney can help you focus on the positive aspects, and avoid dealing with the most difficult and tedious (but nonetheless necessary) aspects.