This form is a Warranty Deed where the grantor is an individual and the grantees are two individuals taking the property as joint tenants with the right of survivorship. Grantor conveys and warrants the described property to the grantees. This deed complies with all state statutory laws.
Albuquerque New Mexico Warranty Deed - Individual to Two Individuals as Joint Tenants with the Right of Survivorship
Category:
State:
New Mexico
City:
Albuquerque
Control #:
NM-020-78
Format:
Word;
Rich Text
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How to fill out New Mexico Warranty Deed - Individual To Two Individuals As Joint Tenants With The Right Of Survivorship?
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FAQ
A survivorship deed is a deed conveying title to real estate into the names of two or more persons as joint tenants with rights of survivorship. Upon the death of one owner, the property passes to and vests in the name of the surviving owner or owners.
Definition of survivorship 1 : the legal right of the survivor of persons having joint interests in property to take the interest of the person who has died. 2 : the state of being a survivor : survival.
In New Mexico, this form of joint ownership is available: Joint tenancy. Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. No probate is necessary.
The dangers of joint tenancy include the following: Danger #1: Only delays probate.Danger #2: Probate when both owners die together.Danger #3: Unintentional disinheriting.Danger #4: Gift taxes.Danger #5: Loss of income tax benefits.Danger #6: Right to sell or encumber.Danger #7: Financial problems.
New Mexico is a community property state. This means that any property that belongs to the marriage must be split equally between the spouses when they divorce. Likewise, all debts incurred during the marriage (with the exception of gambling debts) belong to both spouses equally.
What Is Considered Separate Property in New Mexico? Generally speaking separate property is any type of property that was purchased before or after a marriage. Any property purchased during a marriage is automatically considered marital property.
A warranty deed must be notarized and filed with the city or county records office of its location and delivered to the grantee at closing. All deed transfers of New Mexico property also require a Real Property Transfer Declaration Affidavit, detailing the sales transaction.
A PR appointed informally by the Probate or District Court has legal authority to sell real property and to transfer title to it via a ?Personal Representative's Deed? from the estate to the new owner(s). It is the PR's job to have this deed prepared, signed, acknowledged before a notary public, and properly recorded.
When a property is owned by two or more people as joint tenants and one owner dies, the ownership of the property will automatically pass to the surviving owner(s). This is called the right of survivorship.
There are two types of tenancies that possess the right of survivorship: joint tenancy and tenancy by the entirety.