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How does real estate contract work in New Mexico?

RECs are the most common seller financing instrument used in New Mexico. With a REC, the seller transfers equitable interest in the property to the buyer upon execution of the REC, while the seller retains legal title to the property until the buyer satisfies all conditions of the REC.

What makes a Florida real estate contract valid?

The contract must be in writing and it there must be a valid offer for the purchase of the property and the seller needs to accept the offer. Mutual assent. Both parties must agree to enter the contract. Identification.

What is a land contract in New Mexico?

A land purchase contract is a legally binding agreement between a seller and a buyer for the acquisition of land, containing essential information about the property, its price, and additional terms and conditions.

What does officially under contract mean in real estate?

What Does Under Contract Mean In Real Estate? Under contract means that a seller has accepted an offer on the property, but the sale isnt final until all contingencies are met. It typically takes 4 8 weeks from the date the offer is accepted until the sale is complete.