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LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 35390
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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Realestate, I received a 30 day demand letter from an

Customer Question

Realestate, I received a 30 day demand letter from an attorney representing the previous owners,this is a New Mexico realestate contract , owner financed,
If I don't cure the default ,in 30 days is there an additional length of time I have , or do I have to be moved and gone in 30 days also?
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  LawTalk replied 11 months ago.

Good afternoon,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today. In order to give you a clear and concise answer, I will need some additional information about the circumstances, please.

1. Are you saying that the letter tells you to cure the default or get out within 30 days?

2. This is a land purchase contract and not a formal mortgage issued by the seller, correct?

Doug

Customer: replied 11 months ago.
Hello, was just able to login, and no it isn't a bank mortgage, it is a land or realestate contract ( owner finance)
Demand is hereby made that you cure this default 30 days after this notice,in the event you fail to do so , the sellers at their option, will either declare the whole remaining amount unpaid to then be due and proceed to enforce payment there of or to terminate your rights in the property and retain all sums as liquidated damages.,so is there another notice in NM and for how long?
Customer: replied 11 months ago.
has my original question been answered? Am i not seeing it or am I required to pay again for my original question?
Expert:  LawTalk replied 11 months ago.

Good afternoon,

I apologize for the delay. By the time you had provided a response to my questions (9 days later) I was out of my office for a few days with my family.

Depending on the terms of your land sale contract, being in breach of the contract generally requires that the seller actually file suit against you for breach of contract. The lawsuit would likely take, at a minimum, several months just to get to the point where they could file a Motion for Summary Judgment. So, no, just because they have given you 309 days to sure your default does not mean that you must be out by the 30 days---though they are giving that as an option to you.

The next notice that you will likely see if you don't cure the breach will be a lawsuit for breach of contract.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

Please be so kind as to rate my service to you. That is the only way I am credited for assisting you.

I wish you and yours the best this holiday season,

Doug

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