13 Jun Realtors Association of New Mexico Purchase Agreement 2018
The Realtors Association of New Mexico`s Purchase Agreement for 2018 is an essential document for real estate transactions in the state. It outlines the terms and conditions of a purchase agreement between a buyer and a seller, providing a legal framework that protects the interests of both parties.
One of the most significant changes in the 2018 Purchase Agreement is the inclusion of a financing contingency. This clause allows the buyer to back out of the transaction if they are unable to secure financing for the property. The financing contingency outlines the specific terms of the loan, including the interest rate, type of loan, and the amount of the down payment required.
Another notable feature of the 2018 Purchase Agreement is the inclusion of a property disclosure form. This document requires the seller to provide information about the condition of the property, including any known defects or issues that could affect the value of the home. This information must be disclosed to the buyer before the transaction is completed, allowing them to make an informed decision about the purchase.
In addition to these updates, the 2018 Purchase Agreement also includes provisions for the distribution of earnest money, the appraisal process, and the closing process. It also outlines the responsibilities of each party in the transaction, including the buyer, the seller, and the real estate agent.
Overall, the Realtors Association of New Mexico`s Purchase Agreement for 2018 provides a comprehensive and detailed framework for real estate transactions in the state. By including new contingencies and disclosures, the agreement helps to ensure a fair and equitable transaction for both buyers and sellers. As a real estate professional, it is essential to be familiar with the terms and provisions of this agreement to provide the best possible service to your clients.