Finance
In New Mexico, 'seller financing' with a land contract (contract for deed) means:
AThe seller deeds the property immediately and holds a mortgage
BThe buyer takes possession but the seller retains legal title until the loan is paid off, at which point the deed is delivered✓ Correct
CThe property is sold at auction
DTitle transfers at closing with the seller as junior lienholder
Explanation
In a land contract (contract for deed), the buyer pays installments and takes possession, but the seller holds legal title until the agreed purchase price is paid in full. Upon final payment, the seller delivers the deed transferring legal title.
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