This form is a Mineral Deed where the Grantor is an Individual and the Grantees are Husband and Wife. Grantor conveys and warrants the described property to the Grantees. The Grantees take the property as Community Property with the right of survivorship, joint tenants with the right of survivorship, or as tenants in common. This deed complies with all state statutory laws.
New Mexico Mineral Deed - Individual to Husband and Wife
Category:
State:
New Mexico
Control #:
NM-024-78
Format:
Word;
Rich Text
Instant download
Description
Definition and meaning
A New Mexico Mineral Deed is a legal document used to transfer ownership of mineral rights from an individual to a couple, typically described as husband and wife. This deed grants the grantees rights to oil, gas, and other minerals located beneath a specified tract of land. The deed also establishes the property as community property, allowing for the right of survivorship, meaning that if one spouse passes away, the other becomes the sole owner of the mineral rights.
How to complete a form
Completing the New Mexico Mineral Deed involves several steps:
- Identify the grantor (the individual transferring the mineral rights) and their address.
- List the names and addresses of the grantees (the individuals receiving the rights, typically a couple).
- Specify the date of execution and effective date.
- Provide the legal description of the property as an attachment.
- Sign the document in front of a notary public.
Ensure all details are accurate to avoid legal complications.
Who should use this form
This form is suitable for individuals in New Mexico who wish to transfer mineral rights to a partner or spouse. Examples may include married couples wanting to consolidate their mineral interests or individuals transferring rights to their spouse for estate planning purposes.
Key components of the form
The New Mexico Mineral Deed includes several essential components:
- Grantor and Grantees: Identification of both the person transferring rights and those receiving them.
- Legal Description: A precise description of the property where the mineral rights are located.
- Consideration: The monetary amount associated with the transfer, commonly noted as $10.00.
- Signatures: Required signatures of the grantor and grantees, along with notarization.
What to expect during notarization or witnessing
During the notarization process, you will need to present valid identification to the notary public. The notary will verify your identity and confirm that you understand the document you are signing. The notary will then sign and stamp the mineral deed, making it legally binding. It's essential to ensure that all parties involved are present for the notarization process.
Common mistakes to avoid when using this form
When completing the New Mexico Mineral Deed, keep these common mistakes in mind:
- Failing to provide complete and accurate legal descriptions of the property.
- Not having the document notarized, which can invalidate the deed.
- Leaving out critical details such as the date or the grantor's signature.
- Not specifying the right of survivorship, which can complicate ownership transfer upon death.
Free preview
How to fill out New Mexico Mineral Deed - Individual To Husband And Wife?
US Legal Forms is a unique platform where you can find any legal or tax template for submitting, including New Mexico Mineral Deed - Individual to Husband and Wife. If you’re tired with wasting time seeking perfect examples and paying money on record preparation/lawyer charges, then US Legal Forms is exactly what you’re searching for.
To enjoy all of the service’s benefits, you don't have to download any application but simply choose a subscription plan and create an account. If you have one, just log in and find an appropriate template, save it, and fill it out. Downloaded files are kept in the My Forms folder.
If you don't have a subscription but need to have New Mexico Mineral Deed - Individual to Husband and Wife, take a look at the instructions below:
- Double-check that the form you’re taking a look at applies in the state you need it in.
- Preview the sample its description.
- Click on Buy Now button to get to the register webpage.
- Select a pricing plan and carry on signing up by providing some information.
- Pick a payment method to complete the sign up.
- Save the document by choosing the preferred format (.docx or .pdf)
Now, fill out the document online or print out it. If you feel uncertain concerning your New Mexico Mineral Deed - Individual to Husband and Wife sample, speak to a attorney to examine it before you decide to send or file it. Begin without hassles!
Form popularity
FAQ
Call the county where the minerals are located and ask how to transfer mineral ownership after death. They will probably advise you to submit a copy of the death certificate, probate documents (if any), and a copy of the will (or affidavit of heirship if there is no will).
Are inherited mineral rights taxable? The federal government does not consider inherited mineral rights taxable. Still, any income you accumulate from those rights does have to be reported on your tax return.
After a divorce, mineral rights can be transferred by submitting the divorce decree and conveyances to the county (where the minerals are located) for recording. They usually go to the same agency that records titles and property deeds. The county will return the recorded original documents to the new owner.
STATE LAND OFFICE: If the mineral rights are owned by the state, you can contact the State Land Office Minerals Program at (505) 827-5750, and this website for Lease Information - Minerals.
Mineral rights must be transferred to heirs before any transactions related to them can take place. Unlike a home, which can be sold by an estate, mineral rights must be transferred before any sale. Mineral rights can be transferred to rightful heir(s) or to a trust through a mineral deed.
Fill out the "grantor" section of the warranty deed. The grantors are the givers, or current owners, of the property. Use the legal name of each grantor and insert current addresses after each grantor's name.
If you want to sell the mineral rights to another person, you can transfer them by deed. You will need to create a mineral deed and have it recorded. You should check with the county Recorder of Deeds in the county where the land is located and ask if a printed mineral deed form is available to use.
Mineral rights are automatically included as a part of the land in a property conveyance, unless and until the ownership gets separated at some point by an owner/seller.Conveying (selling or otherwise transferring) the land but retaining the mineral rights.