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Updated April 18, 2024

A New Mexico land contract documents terms in a a real estate transaction for vacant land. The contract contains all terms surrounding the sale, including the agreed-upon purchase price as well as any added financial contingencies. Both parties must reach an accord through mutual negotiations; in many cases, the buyer submits an offering to which the seller accepts, rejects or counters. Once they reach an agreement, the contract must be signed and executed in order to bind the terms legally. The buyer and seller will then transfer the property deed at the scheduled closing.

Supplemental Information

Estimated Property Tax Levy Disclosure – Sellers must have a county assessor estimate the property tax levy with respect to the property and provide a copy of the assessor’s response to the purchaser or broker. A local county assessor must sign this form.^[1]
Seller’s Property Disclosure Statement – The seller is not required by law to provide the buyer with information regarding any material defects that may exist on the premises. However, some sellers may opt to do so by utilizing this disclosure statement.
County Subdivisions Disclosure – Prior to selling any land in a subdivision, the subdivider must disclose information as the board of county commissioners requires in order to permit the buyer to make an informed decision regarding the purchase. Disclosure statements of subdivisions with no less than five (5) and not more than one hundred (100) parcels shall contain information dictated under § 47-6-17.^[2]
Where to Record? – Deeds must be recorded at the County Clerk’s Office in the jurisdiction where the property is situated.^[3]