New Mexico Oil and Gas Forms - New Mexico Oil And Gas

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FAQ New Mexico Oil Gas Form

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What is a Warranty Deed?

A warranty deed is a legal document that guarantees that the person selling a property (known as the granter) is the rightful owner and has the right to sell it. It also ensures that the property is free from any claims, liens, or debts, unless explicitly stated in the deed. In New Mexico, a warranty deed is commonly used when transferring real estate to provide protection and assurance to the buyer. It gives the buyer confidence that they are receiving a property with a clean title and that the seller will defend them against any future claims that may arise.


Does a Warranty Deed Prove Ownership?

Yes, a warranty deed does prove ownership of a property in New Mexico. When you purchase a property, the seller provides you with a warranty deed as evidence that they have the legal right to transfer the ownership to you. This document guarantees that the seller holds clear and marketable title to the property, free from any liens or encumbrances. The warranty deed serves as a legal proof that you now own the property and protects you against any future claims or disputes regarding the ownership. It's an important document in New Mexico, ensuring that you have a rightful claim to your property.


Types of Warranty Deeds

In New Mexico, there are different types of warranty deeds that can be used when buying or selling property. One type is the general warranty deed, which offers the highest level of protection to the buyer. With this type of deed, the seller guarantees that they have the legal right to sell the property and that there are no hidden liens or other claims on the property. Another type is the special warranty deed, which only guarantees that the seller hasn't done anything to negatively affect the property title during their ownership. This type of deed offers less protection to the buyer compared to the general warranty deed. It's important for both buyers and sellers to understand the type of warranty deed being used and its implications before completing a real estate transaction in New Mexico.


General Warranty Deed

A General Warranty Deed in New Mexico is a legal document that transfers ownership of a property from one person to another. It provides the buyer (grantee) with the highest level of protection by guaranteeing that the property is free from any liens or claims, whether they occurred before or during the seller's (granter) ownership. This means that the granter is responsible for any issues that may arise and will defend the grantee against any claims on the property. It is an important document that ensures the buyer's rights and safeguards their investment in New Mexico real estate.


Statutory Warranty Deed

In New Mexico, a statutory warranty deed is a legal document that guarantees the buyer of a property good title to the real estate being sold. It is a way to officially transfer ownership and protect the buyer from any potential problems with the title. This type of deed provides the buyer with certain legal assurances, such as the right to peaceful possession, freedom from any undisclosed liens or encumbrances, and the promise that the seller will defend the buyer against any future claims or disputes regarding the property's title. Basically, it ensures that the buyer is getting a clear and secure ownership of the property they are purchasing in New Mexico.