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!
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.
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
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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.