New Mexico

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.
• The seller has the right to take back the property if the buyer defaults in payment.
• At the seller's option, the balance can be repaid by monthly payments with or without interest until paid, or monthly payments with interest for a fixed number of payments with a balloon payment at the end to pay out the balance.

The New Mexico Contract for Deed form is available in MS Word format and easy to use.

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 the Deed of Trust.
• If the borrower defaults, the balance becomes due and payable and the lender may foreclose and cause the trustee to sell the property.
• The Deed of Trust includes standard covenants as required under federal laws.
• The redemption period after judicial or non-judicial sale of the property is set at one month.
• If the borrower is in default, the lender has the right to appoint a receiver over the property.
• Available in MS Word format.
• Intended to be used only in the State of New Mexico.