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by David B. Zwiefelhofer
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regarding closing instructions that the title company/closing agent may have. The closing agent in New Mexico is typically a title company, however could also be an attorney, an abstract company, a lending institution or a real estate professional.
The title company/closing agent will handle all the final paperwork. This is the safest route in terms of making certain the paperwork is done properly. Three to six weeks after they have received the proper forms the sale will be complete. Once the final documents are signed and the sale is complete the transaction is said to be "perfected". But before the sale is perfected a good deal needs to happen. The vast majority of home sales go through a lender who will have numerous requirements: various inspections, property insurance, title insurance, and an appraisal. They will also want to see the fianl purchase agreement. It is customary (yet still negotiable) for the seller to provide they buyer with title insurance, which obviously will be handled by your selected title company. Encumbrances, liens, rights of way and other such matters need to be resolved and/or disclosed. Any agreed upon work and inspections must be completed. Both you and the buyer should monitor this process to insure timely completion. The title company/closing agent will insure that both you and your buyer are protected legally.
Closing Items Checklist
1. Review the Commitment Letter (Buyer) — from the lending institution specifying the loan they are willing to make
2. Select a Title Company/Closing Agent (Buyer) — a title company |
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