If you`re in the process of buying or selling a home in New Mexico, you may have come across the term “FSBO.” FSBO stands for “for sale by owner,” which means that the homeowner is selling the property without the help of a real estate agent. This can be a great option for both buyers and sellers, as it can save money on real estate commission fees. However, it`s important to know what you`re getting into before you sign the FSBO Purchase Agreement in New Mexico.
The FSBO Purchase Agreement is a legal contract that outlines the terms and conditions of the sale. It`s important to review this document carefully to ensure that all of the terms are fair and accurate. Here are some key things to look out for when reviewing the FSBO Purchase Agreement in New Mexico:
1. Buyer and seller information: The agreement should include the names and contact information of both the buyer and seller, as well as any other parties involved in the sale, such as attorneys or real estate agents.
2. Property information: The agreement should provide a detailed description of the property, including the address, legal description, and any other relevant details.
3. Purchase price: The agreement should state the purchase price that the buyer has agreed to pay for the property. This should include any earnest money or down payment that has already been paid.
4. Closing date: The agreement should specify the date on which the sale will close. This is the date on which ownership of the property will transfer from the seller to the buyer.
5. Contingencies: The agreement should outline any contingencies that must be met before the sale can be completed. For example, if the buyer is obtaining a mortgage, the agreement may require that the sale is contingent upon the buyer securing financing.
6. Disclosures: The agreement should include any required disclosures, such as information about the condition of the property, any known defects, or any environmental hazards.
7. Additional terms: The agreement may include any additional terms that the buyer and seller have agreed to, such as who will pay for closing costs or any repairs that need to be made to the property.
When reviewing the FSBO Purchase Agreement, it`s important to consult with an attorney or real estate agent if you have any questions or concerns. This can help ensure that you fully understand the terms of the agreement and that your rights are protected.
In conclusion, the FSBO Purchase Agreement is a critical document that outlines the terms of the sale when buying or selling a home in New Mexico. By reviewing this document carefully and seeking professional guidance if needed, you can ensure that the sale proceeds smoothly and that your interests are protected.
