New Mexico Closing Statement
Overview of this form
The Closing Statement is a crucial document in real estate transactions that represents the final accounting of the sale. It is used for cash sales or transactions involving owner financing. This legally binding document outlines all financial aspects of the sale, including expenses and balances due, verified and signed by both the buyer and seller. Unlike other real estate forms, the Closing Statement provides a detailed summary of all costs and payments involved in the transaction.
Key components of this form
- Balance: Final adjusted amounts for both buyer and seller.
- Expenses: A breakdown of all costs incurred during the transaction.
- Title Search: Verification of property ownership and title history.
- Recording Fees: Costs associated with registering the real estate transaction.
- Title Insurance: Details of insurance protecting against title defects.
- Attorney Fees: Charges for legal services rendered during the transaction.
- Commission: Payments to real estate agents involved in the sale.
- Notary Fee: Costs for notarizing the document.
- Adjustments: Adjustments for taxes or special assessments related to the property.
Situations where this form applies
This form is necessary when finalizing a real estate transaction, particularly in cash sales or when owner financing is involved. Use the Closing Statement to ensure all parties understand the financial aspects of the deal, including total expenses and net proceeds for both the buyer and seller. It protects the interests of both parties by providing a transparent accounting of all costs associated with the transaction.
Who this form is for
This form is suitable for:
- Homebuyers and sellers involved in real estate transactions.
- Real estate agents facilitating cash sales or owner-financed deals.
- Attorneys representing either party in a real estate transaction.
Instructions for completing this form
- Identify the parties involved in the transaction: seller and buyer.
- Specify the property details, including the address and legal description.
- List all expenses under the appropriate sections, including title search and insurance.
- Calculate total expenses and settle the amounts due to/from both parties.
- Both seller and buyer must sign and date the form to validate it.
Does this document require notarization?
This form does not typically require notarization to be legally valid. However, some jurisdictions or document types may still require it. US Legal Forms provides secure online notarization powered by Notarize, available 24/7 for added convenience.
Avoid these common issues
- Failing to include all relevant expenses.
- Incomplete or incorrect signatures from involved parties.
- Not updating adjustments for taxes or additional fees.
Benefits of using this form online
- Convenience of easy access and downloadable format.
- Editability allows customization to fit specific transaction details.
- Reliability due to attorney-drafted templates ensuring legal compliance.
What to keep in mind
- The Closing Statement is essential for documenting financial transactions in real estate sales.
- It must be completed accurately to avoid misunderstandings between parties.
- Proper signatures and dates are crucial for the legal validity of the form.
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FAQ
No. The surrounding borders are not closed. State roads remain open.
Any individual arriving in New Mexico from any high-risk state must quarantine for a period of 14 days or for the duration of their stay in the state, whichever is shorter, regardless of any negative COVID-19 test.
No. The surrounding borders are not closed. State roads remain open.
Any individual arriving in New Mexico from any high-risk state must quarantine for a period of 14 days or for the duration of their stay in the state, whichever is shorter, regardless of any negative COVID-19 test.
Yes. Mask-wearing is mandatory in public for all individuals over the age of two, except when eating, drinking or exercising.
Yes. If visitors or part-time residents plan to stay in New Mexico longer than two weeks for any reason, you must self-quarantine for the first 14 days when coming in from another state.
Any individual arriving in New Mexico from any high-risk state must quarantine for a period of 14 days or for the duration of their stay in the state, whichever is shorter, regardless of any negative COVID-19 test.
In New Mexico, everyone is required to wear a mask or cloth face covering when in public except when drinking, eating, or under medical instruction. Masks and cloth face coverings may prevent people who do not know they have the virus from transmitting it to others.
