New Mexico real estate laws are constantly reviewed and evaluated to make it fair to everyone who is doing transactions. It is important for consumers to be aware of the different laws that might affect any real estate deals. Here are a few examples of what you might need to know about real estate laws in New Mexico.
For agents looking to get a license, the commission is no longer accepting incomplete applications. There was a 30-day grace period if there were errors or some sort of omission. This is no longer available. This is important to consumers to know about, as an agent getting a new license or renewing a license and might be caught up in this application processes might be something you need to know about before signing up an agent. It is important to make sure that the agent you are dealing with has a legal license to be doing real estate deals in New Mexico.
All agents should treat you fairly, and you should make sure you send questions or concerns to the New Mexico Real Estate Commission, which regulates mostly with licensing and making sure real estate agents follow their guidelines. Work with an agent that is independent of a seller or lender when possible. You want an agent that will work for you, not for someone else.
Many real estate owners warn buyers about the guidelines you should know when talking with a lender about money. Good and reputable lenders will not ask for application fees, or any up front commitment fees. Apparently some less than reputable lenders have been asking for such fees, and some excuses are that it covers the cost of the credit report or other costs.
You should also have the name and the number of the lender, and make sure they are license for the state of New Mexico. Lenders are not able to transact deals in New Mexico unless they are license to do so. Some real estate deals have fallen through because of this lack of information.
It helps to know as much about the specific New Mexico real estate laws when you are doing real estate transactions in New Mexico. If you need additional help, you can contact a real estate lawyer in that area as well, to make sure all transactions are legal and benefit you and everyone fairly. Questions can be passed through the commission as well if you need additional help.