Legal Question in Real Estate Law in New Mexico

reality contracts

entered in a reality contract thru a escrow company the buyer has made two morgage payments for oct&nov 07 with bounced checksto the escrow company. they say im responisible for the bounced checks and the buyer has not paid dec, jan, and feb. so far i have given 3 day notice and on tuesday i will file the eviction notice in court. the contract expires every 30 days of each month when the morgage is not paid an dthe contract states non payment makes him the buyer a tentant or tresspasser? am i following the right steps? how bad is foreclourser?


Asked on 1/31/09, 3:29 pm

1 Answer from Attorneys
Charles Aspinwall Charles S. Aspinwall, J.D., LLC

Re: reality contracts

There is no foreclosure. When the purchaser is clearly in default, and the time provided by the Real Estate Contract for him to cure the default has fully passed, then you notify the escrow company and obtain all escrowed documents, including the deed the purchaser signed conveying the property back to you. You then follow the usual eviction procedures under the landlord/tenant code to regain possession of the property and have the purchaser removed.

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Answered on 2/01/09, 11:50 am


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