Farmington

Judicial

In a judicial foreclosure state, the lender must go through the court system in order to foreclose on a property. This process can be longer and more expensive for the lender compared to a non-judicial foreclosure.

Real estate closings are conducted through escrows. Conveyance is by warranty or quitclaim deed. Deeds of trust and mortgages are the security instruments. Foreclosures require judicial proceedings, and there’s a 9-month redemption period after judgment. New Mexicans use 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. Property taxes are payable November 5th and April 5th. New Mexico is a community-property state.

Payable November 5th and April 5th

YES. Managing property is expressly considered a real estate activity under existing New Mexico real estate licensing laws, and requires a broker's license. According to the Real Estate Brokers statute, â??Property Managementâ?? is defined as including: the showing, renting and leasing of real property, the collection and disbursement of funds on behalf of other persons, the supervision of employees as specified in the management agreement, the supervision of maintenance and repair work, handling of tenant relations, and/or preparation of financial reports.

YES. For example, employees of the property owner or of qualifying broker, acting on the owner's or broker's behalf with respect to the property, if the acts are performed in the regular course of or incident to the management of the property. For more information about these and other New Mexico property management requirements and exceptions, please contact the New Mexico Real Estate Commission. Before hiring a property manager to manage your New Mexico rental property, you should always check that he or she is licensed appropriately. You can check the license status of New Mexico property managers at the New Mexico Regulation and Licensing Department "Look Up A License" webpage.

There is no requirement that a community association manager or condo association manager in New Mexico hold a real estate broker's license.