Contracts
In New Mexico, 'consideration' in a real estate contract must be:
AAlways monetary payment
BSomething of value exchanged between the parties—it can be money, services, a promise, or anything of value✓ Correct
CAt least $1,000
DApproved by a notary
Explanation
Consideration is the 'bargained-for exchange'—something of value given by each party. In real estate, consideration is typically the purchase price (buyer) and the promise to convey title (seller), but it can be any item of value.
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