The New Mexico exclusive right to sell Agreement is a document that enables a real estate agent or a broker to represent an individual when selling the property. The Agreement grants the real estate agent orb the broker the responsibility of selling the property in question and getting a commission. It outlines the terms and conditions, such as property information, price, commission, termination, rights, and obligations as well as offers a protection period to the agent or the broker guard vested monetary interests.
Steps to Fill the New Mexico Exclusive Right to Sell Agreement
The Agreement should follow the provisions of Agency Disclosure Form (§ 61-29-10.2) as well as an understanding of to IRS, Agriculture Foreign Investment Disclosure Act, Lead-Based Paint Disclosure, Foreign Investment, and Real Property Act, New Mexico Human Rights Act, and applicable Federal Housing Laws by both parties.
How to fill the New Mexico Exclusive right to sell Agreement
- The first part of the Agreement highlights the broker’s duties in details.
- The seller is entitled to sign at the bottom of every page of the Agreement.
- The name of the broker and their type of interest.
- An indication if the seller is a New Mexico real estate Broker or not.
- An indication of whether the seller is subject to another existing listing agreement on the subject property.
- The seller’s name, date, and time of entering the Agreement.
- The seller’s brokerage firm
- The name of the broker, signature, date, and time.
Other terms and conditions
- Exclusive services which bear the name of the seller
- The date and time when the Agreement starts and the termination as well.
- Description of the type of property and address
Sales terms and conditions
The following sections explain in details on the following:
- The listing price of the property in figures and numbers
- Duties of the broker
- A list of seller’s authorizations
- Brokers compensation
- Brokerage relationships and cooperation
- Seller’s obligations
- Seller’s warranties and releases
- Non-discrimination pertaining to residential and commercial
- Foreign sellers and if or not they are subject to FIRPTA.
- Farms and ranches
- Earnest money disputes
- Expert assistance
- Facsimile transmission
- Lead-based paint disclosure and information requirements
- Agency Addendum either attached or not to the Agreement,
- listing broker information from firm name, print name of the listing broker, signature, address, phone and fax number, and email address.
- The sellers signature, date, time, print name, address, home phone number along with business and other phone numbers, and fax number on the respective lines.
- The last section is the agency addendum, which must be filled accurately and acknowledged as provided.
The New Mexico exclusive right to sell Agreement should be filled accurately after both parties understand what the Agreement entails and are ready to adhere to the laid out terms and conditions.