If you’re looking to sell land you’ve been holding in New Mexico, now is a great time to take advantage of the market, and you might lean towards selling it without a real estate agent.
The good news is that you can sell land!
A real estate license isn’t required to sell land in New Mexico, so we’ve put together a list of tips to help you sell land without paying a hefty commission.
The hardest part of selling land in New Mexico on your own is the documentation.
You need to make sure that you have your contract and disclosures correctly completed so the sale goes through correctly and you don’t leave yourself open to risk.
New Mexico Documents Required to Sell Land:
1. Contract for Deed Form
2. Real Estate Disclosure Form
3. Seller Disclosure Notice for Lead-Based Paint for Contract of Deed
4. Estimated Property Tax Levy Disclosure
The Contract for Deed form is also called a New Mexico Residential Purchase Agreement.
The document clearly details the price and all conditions under which the property is being sold.
To complete this document, you need to have specific details on your property, including the legal description and tax parcel number. Getting a land survey completed can help clarify any ambiguity.
Disclosures
A Real Estate Disclosure Form is only required if the land being sold also contains a residence. This document is used to describe the condition of the property and any known defects.
Furthermore, if the structure was built before 1978, then a Lead-Based Paint Disclosure must also be included.
The Estimated Property Tax Levy gives sellers an estimate of their property tax costs. Make sure you complete this document accurately and then have it signed by the local county assessor.
Conveyance of Property in New Mexico
Property in New Mexico is conveyed from one party to another using a title company using a New Mexico Real Estate Contract Warranty Deed form.
Title companies will complete a title search to ensure that the property has a clean title and then issue title insurance.
The purpose of title insurance is to cover any possible clouds on title that arise in the future and is important when transacting land with or without a real estate agent.
The Office of Superintendent of Insurance regulates the cost of title insurance in New Mexico through ratemaking hearings held every other year. Therefore, there’s no need to shop around to different title companies to see which will offer the best rate.
Transacting land in New Mexico is relatively simple and inexpensive when you don’t engage a real estate agent.
Unlike other states, there’s no Deed of Transfer Tax, Mortgage Tax, or Leasehold Tax in New Mexico.
Instead, motivated sellers can negotiate and complete the transaction on their own with the help of a title insurance company.
2023 Outlook on New Mexico Vacant Land
New Mexico is often a state that gets overlooked by investors who are looking to expand their real estate portfolio. But with changing economic conditions and a potential recession looming, New Mexico offers investors a unique offering of inexpensive land that acts as a hedge against inflation by holding stable value.
Owning a parcel of the “Land of Enchantment” offers more than just gorgeous dessert views and stable investment. New Mexico is becoming increasingly attractive for its low cost of land and cheaper taxes than other popular states, such as Texas.
Tell Us About the Land in New Mexico You Want to Sell
Ready to sell your vacant land the fast and easy way? Fill out our form and tell us about the land you want to sell.
Your property’s information will be sent to 12 different land buyers all at once. A professional land investor can you make the sale of your vacant land fast and easy.
Tips for Selling Vacant Land in New Mexico
Selling vacant land in New Mexico can be a straightforward process, especially with its favorable market conditions. If you’re considering selling land without a real estate agent, understanding the necessary steps and leveraging the state’s unique advantages can help you close the deal faster. Here are some additional tips and considerations to supplement your selling strategy.
1. Leverage the Favorable Tax Structure
New Mexico’s lack of transfer, mortgage, or leasehold taxes makes it a more affordable option for buyers. Highlighting these savings in your marketing efforts can make your property more attractive to prospective buyers.
2. Simplify the Documentation Process
While selling land independently requires more effort, proper preparation ensures a smooth transaction.
- Contract for Deed (New Mexico Residential Purchase Agreement): Clearly define the terms of the sale, including the price, legal description, and tax parcel number. A survey can eliminate any uncertainty about property boundaries.
- Real Estate Disclosure Form: This is only necessary if a structure exists on the property, but transparency about defects or conditions can instill buyer confidence.
- Lead-Based Paint Disclosure: Required for any structure built before 1978, this ensures compliance with federal regulations.
- Estimated Property Tax Levy: Completing this form accurately and obtaining the county assessor’s signature can prevent delays.
If this process feels overwhelming, title companies and professional land investors can handle much of the legwork for you.
3. Market Your Land Strategically
Position your land as a desirable asset by emphasizing:
- Location Advantages: New Mexico’s scenic landscapes, proximity to recreational areas, and low property taxes.
- Investment Potential: Highlight the state’s stability as a hedge against inflation, particularly appealing during economic uncertainties.
- Affordability: Showcase New Mexico’s competitive land costs compared to neighboring states like Texas.
Leverage online platforms, local newspapers, and social media to reach a broader audience. Use professional photos and detailed descriptions to present your property in the best light.
4. Use Title Companies for Peace of Mind
Title companies play a crucial role in New Mexico real estate transactions:
- Conducting title searches to ensure a clean title.
- Issuing title insurance to protect against future ownership disputes.
- Managing the legal conveyance of property with the New Mexico Real Estate Contract Warranty Deed form.
Since title insurance rates are regulated, you can focus on finding a reputable title company to facilitate the process rather than comparing prices.
5. Highlight Investment Opportunities in Marketing
New Mexico’s diverse land uses—ranging from residential development to recreational and agricultural applications—make it attractive to a variety of buyers. Emphasize the land’s potential uses and the demand for affordable, tax-friendly investments in the state.
2023 Market Insights
- Affordable Land Values: New Mexico offers some of the lowest land costs in the country, making it an attractive option for investors.
- Rising Demand: As buyers seek stability in real estate investments, New Mexico’s low taxes and scenic beauty position it as a desirable location.
- Economic Trends: With a growing interest in rural and recreational properties, the demand for vacant land in New Mexico is expected to increase.
Sell Your New Mexico Land the Easy Way
Looking to skip the complexities and sell your land fast? Work with professional land investors who specialize in purchasing vacant land quickly and efficiently.
Fill out our form today, and we’ll send your property information to 12 experienced New Mexico land buyers. Receive cash offers quickly and turn your land into money without the hassle!