Finance
In New Mexico, seller financing may occur via an installment land contract (also called a contract for deed). In this arrangement:
AThe buyer receives full legal title immediately upon signing
BThe seller retains legal title until the buyer completes all payments✓ Correct
CA third-party lender provides the financing
DThe NMREC must approve the financing terms
Explanation
In an installment land contract (contract for deed), the seller retains legal title while the buyer takes equitable title and makes payments. Legal title transfers only upon completion of the payment schedule.
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