Property Management
A New Mexico tenant who is three days late on rent can be served with what type of notice?
A30-day notice to vacate
B3-day notice to pay rent or quit✓ Correct
CWrit of restitution
DNotice of eviction from NMREC
Explanation
Under New Mexico's UORRA, a landlord may serve a 3-day notice to pay rent or quit when a tenant is in default. If the tenant fails to pay or vacate, the landlord may proceed with eviction (unlawful detainer).
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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