New Mexico Statutes 48-7-22. Due-on-sale policy on nonregulated contracts
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In the exercise of its option under a due-on-sale clause, a lender is encouraged to permit an assumption of a real property loan at the existing contract rate or at a rate which is at or below the average between the contract and market rates, and nothing in this act N.M. Stat. Ann. § 48-7-15 to 48-7-24 shall be interpreted to prohibit any such assumption.
Terms Used In New Mexico Statutes 48-7-22
- Contract: A legal written agreement that becomes binding when signed.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.