New Mexico Out of State Broker Cooperation- A specific written co-brokerage or referral agreement between the out-of-state licensee and the New Mexico licensee shall be executed prior to the closing of any transaction, all negotiations in New Mexico must be done through the New Mexico broker with the New Mexico broker assuming the responsibility for all activities relating to the properties within the State.
- All funds handled for others in the transaction shall be placed by the New Mexico broker in a New Mexico bank. |
|
|
New Mexico Real Estate ReciprocityMassachusetts, Georgia, Louisiana
Confirmed by New Mexico Real Estate Commission |
Specific to New Mexico Real Estate- Mandatory E&O (see RISC) https://www.risceo.com/states/new-mexico/ |
New Mexico Reverse ReciprocityThese states specifically mention New Mexico in their Reciprocity: None These States recognize any other State licenses but may have additional requirements: Alaska, Alabama, Colorado, Georgia, Idaho, Indiana, Kansas, Kentucky, Maine, Nebraska, North Carolina, Rhode Island, South Dakota, Tennessee, Vermont, Washington |
New Mexico Real Estate Links |
New Mexico Real Estate Customs
Real estate closings are conducted through escrows.
Conveyance is by warranty or quitclaim deed. Deeds of trust and mortgages are the security instruments.
New Mexico uses ALTA owner’s policies, lender’s policies, and construction and leasehold policies; they also use endorsements.
Buyers and sellers share escrow costs equally; sellers pay the title insurance premiums.
There are no documentary, mortgage, or transfer taxes.
New Mexico is a community-property state.
New Mexico is a (strict) NON-DISCLOSURE state. Transaction details and the Buyer, Seller, Sales Price, or even if a property sold is NOT PUBLIC RECORD. Details can only be obtained through licensed real estate agents.
Conveyance is by warranty or quitclaim deed. Deeds of trust and mortgages are the security instruments.
New Mexico uses ALTA owner’s policies, lender’s policies, and construction and leasehold policies; they also use endorsements.
Buyers and sellers share escrow costs equally; sellers pay the title insurance premiums.
There are no documentary, mortgage, or transfer taxes.
New Mexico is a community-property state.
New Mexico is a (strict) NON-DISCLOSURE state. Transaction details and the Buyer, Seller, Sales Price, or even if a property sold is NOT PUBLIC RECORD. Details can only be obtained through licensed real estate agents.
