Under a Contract for Deed, once the Buyer has made all the payments specified in the agreement and met all other obligations, the Seller must transfer a valid legal title through a Deed. Through a Contract for Deed, the Seller finances the property that is being sold while keeping the title or deed as security. The Buyer will make payments in installments for the duration of the Contract for Deed and is allowed possession of the property, while the Seller will remain liable for any existing mortgage on the property.
Some of the advantages of Contracts for Deed are that the closing costs associated with this type of transaction are usually lower than transactions involving mortgages, banks or other institutional type lenders. This type of Agreement can be useful when other financing may not be even available to Buyer.
These are just some of the important provisions included in this New Mexico Contract for Deed:
- Parties: Identifies the Seller and Buyer involved in the transaction;
- Price and Payment: Sets forth the price for the property and when and how payments are to be made;
- Security: Explains that the Contract stands as security for the performance and payments by Buyer.
- AS-IS condition of Property: Buyer will accept the property AS-IS;
- Deed and Evidence of Title: Promise that seller will deliver a general warranty deed after buyer fulfils his or her obligations
- Title: Assurance that title will be free and clear of all encumbrances
- Taxes and Assessments: States that Buyer will pay all taxes and assessments ;
- Risk of Loss and Insurance: Assigns the risk of loss by negligence, fire or other casualty.
- Eminent Domain: Explains rights and obligations in the event the property is taken by eminent domain;
- Prepayment: Explains what happens if the Buyer prepays
- Possession of Property: Buyer shall have possession of the property as long as all contract terms are complied with ;
- Default by Seller of Buyer: Consequences of default by either the Seller or Buyer
- Maintenance of Property: States that Buyer will maintain property;
- Mortgage by Seller: Explains that Seller may place a mortgage on the property ;
- Conveyance by Seller: Seller may convey his or her interest in the property;
- Joint and Several Liability: If there is more than one Buyer, all will be jointly and severally liable;
- Reinstatement after Acceleration: Buyer may reinstate this Contract in the event of default and acceleration according to law;
- Assignment of Sale by Buyer: States that Buyer will not assign his interest in the property without consent of the seller;
- Disputes: Allows the parties to select how to handle disputes;
Protect Your Rights, Your Property and Yourself, with these accurate and easy to use forms.
This form packet prepared by lawyers includes:
- Instructions and Checklist for New Mexico Contract for Deed;
- Information about Contract for Deed;
- Contract for Deed
- Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards
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Product Specifications
| Product | New Mexico Contract for Deed |
| Country | United States |
| State | New Mexico |
| Pages | 18 |
| Dimensions | Designed for Letter Size (8.5" x 11") |
| Printer compatibility | Designed to print on all ink-jet and laser printers |
| Editable | Yes (.doc, .wpd and .rtf) |
| Format |
Microsoft Word Adobe PDF WordPerfect Rich Text Format |
| Platform | Windows Compatible Mac Compatible Linux Compatible |
| Availability | In Stock. Instant Download |
| Usage | Unlimited number of prints |
| Category | Contract for Deed |
| Product number | #20629 |
| Download time | Less than 1 minute (approx.) |
| Document Access | Via secret online address Email with download links Email with attachment upon request |
| Refund Policy | 60 days, no-questions asked, 100% money back guarantee |
| Support | Customer support 1-800-959-5899 Online support Additional Help |
| Also known as | New Mexico Real Estate Installment Agreement, New Mexico Contract Sale, New Mexico Land Contract, New Mexico Agreement for Deed, New Mexico Contract Deed, New Mexico Deed Contract |
Contract
for Deed
Instructions and Checklist
Contract for Deed
This package contains: (1) Instructions and Checklist for Contract for Deed; (2) Information about Contract for Deed; (3) Contract for Deed; and (4) Disclosure Of Information On Lead-Based Paint and/or Lead-Based Paint Hazards.
Each party should sign two copies of the final draft of the Contract. Each party should receive one copy with the original signatures of all parties.
If the property is built before 1978 property (i.e. pre-1978 property), federal law requires that the Seller and Buyer (and their Agents) sign the “Disclosure Of Information On Lead-Based Paint and/or Lead-Based Paint Hazards”. Federal law requires the Seller to keep the signed copy of the “Disclosure Of Information On Lead-Based Paint and/or Lead-Based Paint Hazards” for a minimum of three years as proof of compliance with the rules. A copy of the “Disclosure Of Information On Lead-Based Paint and/or Lead-Based Paint Hazards” form is included in this package.
These forms contain the basic terms and language that should be included in similar agreements. The law in some states requires a seller to make additional written disclosures, including disclosures about the condition of the house, the neighborhood, environmental disclosures and any other known problems. Some cities and other municipalities may also have specific disclosure requirements that need to be included.. Check with a real estate agent or attorney in your area to determine what additional disclosures, if any, are required in your state or locality. If not required by law, a Buyer may still request the disclosures and try to make them part of the contract.
These forms are not intended and are not a substitute for legal advice. Laws vary from time to time and from state to state. These forms should only be a starting point for you and should not be used or signed without consulting an attorney first to make sure it fits your particular situation. The Buyer and Seller should also consult with an attorney and a tax professional to make sure that all legal and tax consequences of this Contract are fully explained and understood. An attorney should also be consulted whenever a document is negotiated with another party.
The purchase and use of these forms is subject to the Disclaimers and Terms of Use found at findlegalforms.com.
Information
Contract for Deed
A Contract for Deed is sometimes also know as a Land Contract, Agreement for Deed, Contract Sale or Real Estate Installment Agreement. This type of Document allows the Seller to retain the title to the property and agree to transfer the title to the Buyer once all the payments under the Agreement are made and all other obligations are met. In essence, the Seller finances the purchase and holds the title or deed as security. When the Buyer completes the required payments, the Seller must deliver valid legal title by way of a deed. During the period of the contract, the Buyer makes installment payments on the purchase price and is entitled to possession and equitable title to the property. The Seller holds legal title and continues to be liable for payment of any underlying mortgage.
This type of Agreement is useful in situations where the Buyer can’t easily obtain financing from other sources or other financing may not be even available to Buyer.
Generally, the closing costs associated with this type of transaction are usually lower than transactions involving mortgages, banks or other institutional type lenders. A Contract for Deed also allows Seller to gain interest income from the outstanding balance.
This Contract for Deed contains an AS-IS clause regarding the property. You can also choose between different payment methods i.e. with interest, with no interest, balloon payment etc…
The law in some states requires a seller to make additional written disclosures, including disclosures about the condition of the house and any known problems. Check with a real estate agent or attorney in your area to determine what additional disclosures, if any, are required in your state. In some of these states, a seller may still be required to make the disclosure, even if the property is sold "as is" If not required by law, a Buyer may still request the disclosures and try to make them part of the contract.. To find out if your state has any mandatory disclosure laws, you can check with a local real estate broker or attorney, or call your state’s attorney general’s office. Most states with mandatory disclosure laws have created state approved forms that can be used to make the disclosure.
Housing built before 1978 may contain lead-based paint. Lead from paint, paint chips, and dust can pose health hazards if not managed properly. Lead exposure is especially harmful to young children and pregnant women. Before selling pre-1978 housing, Sellers must disclose the presence of known lead-based paint and/or lead-based paint hazards in the dwelling. Buyers must also receive a federally approved pamphlet on lead poisoning prevention. More information about lead poisoning and protecting your family can be found at http://www.epa.gov/lead/. Additional information can also be found on the EPA site at: http://www.epa.gov. Please note that the state where the property is located may also have its own laws and regulations regarding lead paint.
The Buyer and the Seller must make sure that all the terms of the Contract are fully understood. An attorney and a tax professional should be consulted to make sure all legal and tax consequences are clear.
This information and these forms are not intended as and are not a substitute for legal advice. Laws vary from time to time and from state to state. These forms should only be a starting point for you and should not be used or signed without consulting an attorney first to make sure it fits your particular situation. You should also consult with an attorney and a tax professional to make sure that all legal and tax consequences of this Contract are fully explained and understood. An attorney should also be consulted whenever a document is negotiated with another party.
These forms should only be a starting point for you and should not be used without consulting with an attorney first. You should also consult an attorney whenever a document is negotiated with another party.
Our Promise to You:
We provide accurate, legal and secure forms. All of our forms are prepared by lawyers, can be downloaded and accessed immediately, and are backed by a 100% money back guarantee – if you are dissatisfied, in any way, you get your money back.
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Customer Reviews
Average Rating:
Reviews: 5
A M -
Elizabethtown,
KY
No Customer Comments
S R -
Oklahoma City,
OK
I was looking for specific language in a provision and (after searching many websites) found exactly what I needed at FindLegalForms. Easy to use, quick download, will use again as the need arises.
F H -
Tucson,
AZ
I needed a real comprehensive contract for deed form. FindLegalForms delivered a great form I could modify in Word to fit my needs at a very reasonable price. In addition it came in rtf and pdf formats.
R M -
Las Vegas,
NV
I filled out the form, took it to escrow, and because the title company had been working on the paperwork ahead of time, we closed the next day. An attorney would have charged $500.00 to fill this out for us, and a real estate person would have charged us 6% of the sales price. Thank you so much.
J G -
Duncan,
OK
A complete and professional package at a very reasonable price.
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