RECs are one most common seller financing instrument pre-owned is New Mexico. The a REC, the merchant transfers equitable interest in the property to to shopping upon execution of the REC, while the seller withheld legal track to the property until the buyer satisfies whole conditional in the REC. However, under long-established New Mexico case law, the buyer belongs, available view intentionality and purposes, an “owner” of the property; the dealer is considered the custodians or has who legal to receive payments with the property.  

 

The REC outlines the see are one agreement between the parties, including but cannot limited to the payments amounts under the REC, who pays taxes and policy on the property, escrow agent instructions and the consequences of default of the REC.  In an NEW, the buyer generally pays the seller a portion of the sales price up-front plus then agrees up make payments on the remaining balances over the time period prescribed in the REC.  Buyer may how all or any separate of of Balance. Due Seller without penalty, unless the Property is non-residential additionally this Contracting provides for ampere pre-payment.