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Yes, you may be able to buy an abandoned house, though the process can be more complicated than purchasing a traditional property. Some abandoned properties may indeed present a worthwhile financial opportunity, but they may also pose potential risks and challenges.

In the U.S., state laws determine when an asset is legally considered abandoned. Deadlines vary from state to state, though at least two years must typically pass before property acquires this status. States have abandoned property units that focus on the collection, management, and dissemination of abandoned property.

After a designated period of time (called the dormancy period) with no activity or contact, the property becomes “unclaimed” and—by law—must be turned over to the state.

For questions, please call 505-827-0668, email Unclaimed.Property@tax.nm or write Taxation and Revenue Department, Attn: Unclaimed Property Office P. O. Box 25123, Santa Fe, NM 87504-5123 for assistance.

To successfully file an unclaimed property claim with us you must prove that you are the rightful owner of the property. The required proof varies ing to the property and the circumstances under which it was abandoned. The Unclaimed Property Office does not release property until it receives the required proof.

Negative reports are required from holders. All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with New Mexico's unclaimed property laws and regulations.

Electronic reporting We encourage all holders to file online at . Effective July 1, 2006, all reports containing more than 25 properties must be submitted electronically.

To make a successful claim for adverse possession in New Mexico and gain legal title, a squatter must meet all of the following criteria as per New Mexico's adverse possession laws (NMSA § 37-1-22): Occupy the property for at least ten continuous years. Have color of title for at least ten continuous years.

In New Mexico abandonment means the absence of the tenant from the premises, without notice to the landlord, for more than seven continuous days, and only after rent is delinquent. When abandonment is confirmed the rental agreement may be terminated, and the process of handling any personal property left behind begins.