Hello, I'm Ashley Strauss Martin, attorney for the Realtors Association of New Mexico. Today, I'm here to discuss two significant changes to our purchase agreements. These changes apply to all purchase agreements except for the commercial purchase agreement, which has its own separate financing addendum. Paragraph five, titled "financed or cash purchase," is the specific paragraph I am referring to. It has been modified, with 5a1 requiring the buyer to make a loan application within a specified number of days from the date of acceptance. Additionally, 5a2 now requires the buyer to provide a pre-qualification letter within a certain number of days from the date of acceptance, and specifies what information must be included in the letter. It is important to note that the subsection now includes language stating that if the buyer fails to provide the pre-qualification letter within the required timeframe, the purchase agreement will terminate and the earnest money will be returned to the buyer. If the parties agree to give the buyer additional time to provide the letter, they should sign an amendment to the purchase agreement to prevent automatic termination. Paragraph 5a3 introduces another new provision. In the event that the buyer changes lenders after providing a pre-qualification letter to the seller, the buyer is required to provide a new pre-qualification letter within two days of the lender change. The new pre-qualification letter must include the same information as the original letter. If the buyer fails to provide the new letter within two days, the seller has the option to terminate the contract. If the seller chooses to terminate, the earnest money will be returned to the buyer. Paragraph 5a4 addresses changes in loan conditions for the loan program that negatively impact the seller. If such changes occur after the buyer has provided a pre-qualification letter, the buyer...
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Ranm 2402 Form: What You Should Know
Get and Sign New Mexico Purchase Vacant Land. Fill in the forms and fill them out online. New Mexico Property Owner's Association (POP) Addendum to Owner-Purchase Agreement REALTORS ASSOCIATION OF NEW MEXICO ADDENDUM TO PURCHASE AGREEMENT NEW MEXICO PURCHASE AGREEMENT 2012 Form 2402 -- Fill and Sign Online This form and all REALTORS Association of New Mexico (RAN) forms are only for RAN members and can be downloaded and filled in on a computer or tablet. REALTORS Association of New Mexico (RAN), POP, or Land Title Company Registration for New Mexico — Fill and Sign REALTORS Association of New Mexico (RAN), POP, or Land Title Company Registration for New Mexico — Fill and Sign Online This form is used by REALTORS Association of New Mexico (RAN) REALTORS Association of NEW MEXICO (RAN) is authorized to act as broker-dealer and to accept, use, dispose of, and apply for title to real estate. RAN form 120 is for new or existing homebuyers. Checklist and fill out for RAN member to understand how to use the forms.
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