Real Estate Laws & Customs - Chicago Title

Page 34 REAL ESTATE LAWS & CUSTOMS BY STATE NEW MEXICO Title Insurance Rates Promulgated Rate by NM Office of the Superintendent of Insurance Form of Conveyance Warranty Deed; New Mexico Real Estate Contract State Encumbrance Forms Mortgage; Deed of Trust (usually commercial) Customary Closing Entity Licensed Title Insurance Agent Commitment Issued? Duration? Yes. 6 months (may be extended). When is Invoice Issued? At closing (for Commitment when issued) Deed Transfer Tax? No Mortgage Tax? No Leasehold Tax? No CUSTOMARY FEE SPLITS Owner’s Policy Premium Seller pays (can be negotiated) Loan Policy Premium Buyer pays Title Search & Examination Included in premium Survey Charges Negotiable; Seller usually pays for Improvement Location Report and Buyer pays for Boundary Survey Deed Transfer Tax Not applicable Mortgage Tax Not applicable Closing Fees Divided equally by contract Recording Fees Buyer pays to record Mortgage and related documents Seller pays to record Deed and release of encumbrances