NM Operations Summary

Taxes

None

Payment Customs

Seller, but may be negotiated between the parties in the purchase agreement.

There is no transfer tax in NM. Recording fees are negotiable, but are typically split between the parties with the seller paying the recording fee for the deed and release of existing seller's mortgage and the purchaser paying all recording fees associated with mortgage, deed of trust and any other recorded loan documents.

Typically, seller will pay for a survey or an Improvement Location Report (ILR) which is a report showing existing improvements for title insurance purposes only. Survey charges are negotiable but customarily paid by the seller for NM boundary surveys or ALTA/ ASCM surveys where an ILR is not acceptable to the title insurance underwriter or for commercial transactions.

==Post Closing Requirements