New Mexico · NMSA 1978New Mexico real estate closing laws: a checklist for transaction coordinators

New Mexico's rules for a home sale, in the order a transaction meets them: agency exists only by written agreement, and the licensee gives the list of duties before any document that could become a written agreement (NMSA 1978, §§61-29-10.1, 61-29-10.2); before accepting an offer, the seller or listing broker gets the county assessor's estimate of next year's property tax and gives it to the buyer, who acknowledges it or waives it (§47-13-4); there is no duty to disclose a death, a felony or an occupant's HIV on the property (§47-13-2); both spouses join in the contract, deed and mortgage of community or co-owned real property (§40-3-13); a power of attorney to convey is acknowledged and recorded (§47-1-7); lien claims are filed within 120 days by original contractors and 90 days by others (§48-2-6); the lender records the release of a paid mortgage, and after 90 days a title insurer may (§§48-7-4, 48-7-4.1); and the buyer of a rental becomes liable to tenants after written notice (§47-8-21).