A New Mexico deed of trust assigns a real estate title to a trustee to keep until a loan has been repaid from the owner of the property (the “borrower”) to the provider of the loan (the “lender”). While similar to a mortgage, a deed of trust contains a unique clause known as “power of sale,” which isn’t found in New Mexico mortgages. This legal provision becomes operative if the borrower fails to pay the lender the balance due. In that event, the trustee could foreclose the property without a court proceeding.
- Statutes: §§ 48-10-1 to 48-10-21
- Formatting: No requirements are imposed statewide. Individuals should contact the County Clerk’s Office to see if local formatting standards exist.
- Signing Requirements (§ 14-8-4): Notary Public
- Where to Record (§ 14-9-1): County Clerk’s Office
- Recording Fees (§ 14-8-15): $25
Related Forms (1)
New Mexico Promissory Note – Structures an agreement between a borrower and lender for debt repayment.