New Mexico Home Buyers, Broker Duties
Are you looking for a Broker to represent you as a Buyer’s Broker?Â All New Mexico Associate and Qualifying Brokers owe the following duties to Buyers represented by the Broker.
Every licensed New Mexico real estate Broker is obligated to disclose Broker Duties. The following brokerage relationships are available in the State of New Mexico, 1) Transaction Broker, 2) Exclusive Agency, and 3) Dual Agency.
Prior to the time an Associate Broker or Qualifying Broker generates or presents any written document that the potential to become an express written agreement the Associate Broker of Qualifying Broker shall disclose in writing to their prospective buyer, seller, landlord, or tenant the following list of Broker Duties that are owed to all Customers and Clients by Brokers:
- Honesty and reasonable care as set forth in the provisions of this section;
- Compliance with local, state, and federal fair housing and anti discrimination laws, the New Mexico Real Estate License Law and the Real Estate Commission Rules and other applicable local, State, and federal laws and regulations;
- Performance of any and all oral or written agreements made with the Customer or Client;
- Assistance to the Brokers Customer or Client in completing the Transaction, unless otherwise agreed to in writing by the Customer or Client, including 1) Presentation of all offers or counter offers in a timely manner, 20 Assistance in complying with the terms and conditions of the contract and with the closing of the transaction. If the Broker in a transaction is not providing he service, advice or assistance described in paragraphs D1 and D2, the Customer or Client must agree in writing that the Broker is not expected to provide such service, advice, or assistance, and the Broker shall disclose such agreement in writing to the other Brokers involved in the Transaction.
- Acknowledgement by the Broker that there may be matters related to the Transaction that are outside the Associate Brokers or Qualifying Brokers knowledge or expertise and that the Associate Broker or Qualifying Broker will suggest that the Customer or Clients seek expert advise on these matters;
- Prompt accounting for all monies or property received by the Broker;
- Prior to the time the Associate Broker or Qualifying Broker generates or presents any written document that has the potential to become an express written agreement, written disclosure of 1) any written Brokerage Relationship the Broker has with any Parties to the Transaction; and or 2) any material interest or relationship of a business, personal, or family nature that the Broker has in the Transaction; 3) other Brokerage Relationship options available in New Mexico:
- Disclosure of any adverse material facts actually know by the Associate Broker or Qualifying Broker about the Property or the Transaction, or about the financial ability of the parties to ht Transaction to compete the Transaction.Â Adverse material facts do not include data from a sex offender registry or the existence of group homes;
- Maintenance of any confidential information learned in the course of any prior Agency relationship unless the disclosure with the former Cliens consent or is required by law;
- Unless otherwise authorized in writing, an Associate Broker or Qualifying Broker shall not disclose to their Customer or Client during he transaction that their Seller Client or Customer has previously indicated they will accept a sales price less than the asking or listed price of a property; that their Buyer or Customer has previously indicated they will accept a sales price less than the asking or listed price of a property; that their Buyer Client or Customer has previously indicated they will pay a price greater than the price submitted in a written offer; the motivation of their Client or Customer for selling or buying property; that their Seller or Customer Client or their Buyer Client or Customer will agree t financing terms other than those offered; or any other information requested in writing by the Associate Broker or Qualifying Brokers Customer or Client to remain confidential unless disclosure is required by law.