Download New Mexico Purchase Agreement Form [PDF]

The purchase agreement is a legal document used between the seller and the buyer to determine details connected to the sale and purchase of a certain item.

You should use the purchase agreement for any item with a purchase price of over $500 or for more complex transfers where you have to provide many conditions before making the property transfer.

Although the purchase agreement doesn’t directly transfer any legal rights between the parties, it is an important document since it provides all the details connected to the sale and purchase of a certain item, and in that way, it prevents potential misunderstandings and disputes.

New Mexico Purchase and Sale Agreement Form

The New Mexico Purchase and Sale agreement template usually includes information about the seller and buyer details about the property, the purchase price, information about financing, contingencies, and other terms and conditions.

The New Mexico purchase agreement is also known as:

Other Names for New Mexico Purchase and Sale Agreement Form

New Mexico purchase and sale agreement
New Mexico sale and purchase agreement
New Mexico sale and purchase contract
New Mexico purchase and sales contract

However, it all refers to one document that provides the terms and conditions for the property transfer in New Mexico.

Purchase Agreement New Mexico Laws & Requirements

In New Mexico, there are no specific requirements for the form of the purchase agreement. However, when dealing with real estate transactions in New Mexico, it is crucial to incorporate specific disclosures in your purchase agreement template.

Purchase Agreement Required Disclosures in New Mexico

Here, you can find the list of disclosures that must be included in New Mexico real estate purchase agreements:

Mandatory Disclosures

Lead-Based Paint Disclosure: According to 42 U.S. Code § 4852d, the seller is obliged to notify the buyer about the presence of lead-based paint hazards in the property. This requirement applies to all properties built before 1978 and to properties with known lead-based paint hazard.
Seller’s Property Disclosure: Although this is not required by New Mexico law, the seller should provide the buyer with a disclosure regarding all the damages and issues with the property.
Estimated Property Tax Levy Disclosure: The seller must request the estimated amount of property tax levy from the county assessor and present the assessor’s report to the potential buyer of the property. (§ 47-13-4)

Common Types of Purchase Agreements in New Mexico

This section provides all the types of purchase agreements used in New Mexico:

Variety of Purchase Agreement

Residential real estate purchase agreement. Used to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. You can use it for transferring ownership over office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Parties use it for the purchase and sale of cars, motorcycles, trucks, and other kinds of motor vehicles. Also known as the motor vehicle bill of sale.
Business purchase agreement. Used for providing terms and conditions for transferring the company's shares.
Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in New Mexico.
Stock purchase agreement. This type of purchase agreement form is used for selling the stocks of companies.

Purchase Agreement in New Mexico FAQ

Yes, the New Mexico purchase agreement is a legally binding document. It becomes legally binding the moment both the seller and the buyer sign it.
Yes, a New Mexico sales agreement needs to state the purchase price. The purchase price is the essential element of the New Mexico sales agreement since it provides the main obligation of the buyer, and the document will not produce any legal effects without it.
No, purchase and sales agreements in New Mexico don’t need to be notarized since the document itself doesn’t transfer any legal rights between the parties.
Yes, the seller can back out of a New Mexico purchase agreement. However, the only situation where they can do so without having to compensate the buyer is when the buyer fails to meet the contingencies set out in the purchase agreement.