Taos Real Estate

Taos real estate transactions aren’t dramatically different from those in other areas, but we do have our peculiarities. Much of the Taos real estate purchase agreement will however be very similar to other areas of New Mexico. We’ll have several pages on this site to help you with the process of closing a Taos real estate transaction, and this one will address the purchase agreement delivery and deadline dates

Earnest money delivery: The first date encountered in the purchase agreement for delivery is the one for the Earnest Money. Though hard dates can be used, the custom is usually to place the phrase “Upon Acceptance” here, or something similar. This indicates that a check is in hand, but will be delivered when an agreement is reached. Usually the agent will attach a copy of the check with the offer.

Documents Delivery, Objection and Resolution Dates: The documents most commonly required in a Taos real estate transaction might include:

• Seller’s Property Disclosure
• Road Documents
• Water Rights Documents
• Well Log and Record
• Condominium or Subdivision Covenants and Restrictions

There is a chart with three dates for each item. The fist is the date for “Delivery”, which is when the Seller should have the document in the hands of the Buyer or their agent. The second is the “Objections” deadline. This is the date by which the Buyer must have any objections to the documents contents in the hands of the Seller or their agent. The last is the “Resolutions” deadline. By this date, the Buyer’s objections must have been satisfied or the deal could be terminated automatically.

Inspections of the Property: The same three dates in a chart are present for the inspections. The Buyer must deliver the inspection reports, their objections to them, and the Seller must respond by the dates indicated.

Survey, Septic and Other: The same procedure is followed for the survey, septic inspection and any other contingencies in the purchase agreement.

Taos real estate are custom varies on these dates. Some brokers use hard dates. However, as negotiations can be fast or can take days to a week or more, many brokers will begin the first or “Delivery” date as a certain number of days after contract acceptance. The subsequent dates will follow as a number of days after delivery or the previous step.

In Taos real estate contracts, as well as in most other areas, “time is of the essence.” Failure to meet deadlines can result in default and contract termination.

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