If a buyer who is interested in your property cannot qualify for conventional mortgage financing, you can assist by carrying part or all of the purchase price under this Contract for Deed (or Land Contract).
Under the terms of this Contract, the seller effectively becomes the mortgage lender for the balance of the purchase money.
Title will transfer to the buyer once payment in full of all principal and interest has been received by the seller.
Prepare a Deed of Trust for a New Mexico real estate purchase with this downloadable template form.
A Deed of Trust is used in place of a mortgage as security to repay a purchase loan for real property (except for agricultural farm land).
The title deed is conveyed by the purchaser (borrower) to a trustee, who holds it on behalf of the lender to secure the borrower's repayment of the debt under the promissory note and performance of the borrower's obligations under th.....