N.M. Admin. Code § 19.2.14.14

Current through Register Vol. 35, No. 23, December 10, 2024

Section 19.2.14.14 - CONTRACTS AND PATENTS

A. On the date of sale the successful bidder, if any, shall be required to pay the full amount bid, unless the commissioner has given notice that the commissioner will accept payment by purchase contract. If a purchase contract is permitted, the successful bidder shall be required to pay at least ten percent of the purchase price. Upon making such payment, together with the cost of sale, if any, such purchaser shall be entitled to a 30 year contract whereunder the balance of the principal shall be payable in 30 equal annual installments with interest in advance on the deferred principal balance at a rate set by the commissioner in the notice of auction sale published as required by law. The first principal and interest payment shall be due on or before the date possession of the premises is established. This date shall serve as the anniversary date of the contract on which all successive payments shall be due. Purchaser at purchaser's option may, however, pay cash in full and receive a patent. No extension of the 30 year term of the contract will be granted. In case of death of a contract purchaser, the commissioner may upon written application by an heir, devisee or personal representative of the deceased, defer the due date of the next payment for one year. Deposit of unsuccessful bidders will be refunded. Sample copies of a standard purchase contract agreement and patent will be furnished prospective bidders upon request.

B. Holders of purchase contracts may pay off the contract balance at any time. Interest payments made in advance cannot be refunded. In case of the final discharge of the obligation before maturity date, interest must be paid to the date when the contract is paid in full. No patent covering any portion of state trust land under contract will be issued until the total purchase price of the contract is paid in full regardless of the number of assignments outstanding, except the commissioner will issue patents to separate assignments in instances where the assignments were approved by the commissioner prior to September 4, 1956.

12/31/99; 19.2.14.14 NMAC - Rn, 19 NMAC 3. SLO 14.14, 09/30/02, Amended by New Mexico Register, Volume XXX, Issue 11, June 11, 2019, eff. 6/11/2019