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New Mexico Lawyers Serving New Mexico's Legal Needs Since 1997

Real Estate Archives

To Whom Should You Ask Your Real Estate Questions?

Real estate agents and Realtors are very knowledgeable about many aspects of property. They often have insight on which neighborhoods are "hot," and which upgrades and home renovations yield the largest return on investment. They are also entitled to execute very limited legal functions, including preparing offers and preparing purchase agreements.

Common Pitfalls of Real Estate

Several years back, television infomercials touting the merits of financial freedom through real estate investment were all the rage. These days, "flipping" shows featuring couples, relatives, or other combinations of contractors, designers, and real estate agents are wildly popular. However, making a career from real estate is not nearly so easy or entertaining as these programs would have you believe. In fact, there are several potential pitfalls that can derail your ambitions of real estate investing. Here are some things to consider.

HOW BORROWERS CAN RESCIND CERTAIN LOAN TRANSACTIONS POTENTIALLY TO BE REVIEWED BY U.S. SUPREME COURT

The United States Supreme Court is entertaining two different petitions filed by home borrowers seeking to exercise their rights under the federal Truth-in-Lending Act. This law gives a borrower the right, under 15 U.S.C. § 1635(a), to "rescind the transaction until midnight of the third business day following . . . the delivery of the formation and rescission forms required under this section . . . by notifying the creditor . . . of his intention to do so." The Act further creates, per 15 U.S.C. § 1635(f). a "[t]ime limit for [the] exercise of [this] exercise of [this] right," providing that the borrower's "right of rescission shall expire three years after the date of consummation of the transaction" even if the "disclosures required . . . have not been delivered." The Truth-in-Lending Act gives borrowers an opportunity to review certain mandated disclosures from lenders so as to allow them the right to rescind a loan transaction within the given time period. 

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Albuquerque, NM 87111

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