Page 130

Part Four

documents. While title documents address these issues in general, you may want to amend the contract to specifically address those things you want resolved as a condition of going forward. There may be other contingencies that make sense to incorporate into your contract or into an amendment to it, and all the relevant circumstances should be discussed with your RealtorÂŽ. For example, a well and septic inspection is very important. A well inspection typically will include an examination of the pump and other equipment and often tests for flow and potability. In New Mexico, new laws regarding septic tanks went in to effect September 1, 2005. As of that date, the transfer of property is subject to the regulations of the State of New Mexico Environment Department governing on-site liquid waste systems. All septic systems must be inspected by an inspector certified by the Environment Department prior to closing, and all systems must be legally permitted. The buyer cannot waive the pre-transfer inspection of the septic system, as the seller is legally responsible if the inspection is not completed. Basically, all of your personal circumstances should be discussed with your RealtorÂŽ to make sure that you are protected before signing on the dotted line. Be careful not to incorporate frivolous contingencies because they may make the contract unattractive to the seller, but intelligently drafted contingencies could mean the difference between disaster and success.

126

Profile for Linda DeVlieg Real Estate

How to Make Your REALTOR Get You the Best Deal - Albuquerque, New Mexico edition  

A guide through the real estate purchasing process - co-authored by Linda DeVlieg and Ken Deshaies

How to Make Your REALTOR Get You the Best Deal - Albuquerque, New Mexico edition  

A guide through the real estate purchasing process - co-authored by Linda DeVlieg and Ken Deshaies

Profile for lindadev