New Mexico Quitclaim Deed by Two Individuals to Corporation
What is this form?
The Quitclaim Deed by Two Individuals to Corporation is a legal document used to transfer property ownership from two grantors, who are individuals, to a corporation, the grantee. This type of quitclaim deed conveys any interest the grantors have in the specified property without making any warranties about the title. It is essential for situations where the grantors want to transfer their rights to a corporation while reserving specific rights related to oil, gas, and minerals beneath the property, if applicable.
Key parts of this document
- Identifies grantors as two individuals and the grantee as a corporation.
- Includes a legal description of the property as attached in Exhibit A.
- Specifies reservations regarding oil, gas, and minerals beneath the property.
- Details prorating of property taxes for the current tax year.
- Indicates that the property is not part of the grantors' homestead.
- Requires signatures from both grantors to validate the deed.
When to use this document
This form is needed when two individuals wish to legally transfer their interest in real estate to a corporation. It is commonly used in situations involving business partners who want to consolidate property ownership under a corporate entity, or when individuals decide to assign their property to their business for operational purposes. Utilizing a quitclaim deed allows for a straightforward property transfer without the complexities of a warranty deed.
Intended users of this form
- Individuals who jointly own a property and want to transfer it to a corporation.
- Business owners or partners looking to consolidate property into their corporate entity.
- Property owners who want to reserve rights to minerals beneath the land during the transfer.
How to complete this form
- Identify and enter the names of the two grantors who are transferring property.
- Specify the name of the corporation receiving the property as the grantee.
- Attach a detailed legal description of the property as Exhibit A.
- Clarify any reservations regarding oil, gas, and minerals on the property.
- Enter the tax year for prorating taxes and specify how taxes will be handled.
- Each grantor must sign and date the form to finalize the deed.
Notarization requirements for this form
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to include the legal description of the property in Exhibit A.
- Not specifying the rights reserved for oil, gas, and minerals.
- Leaving tax arrangements unclear, which can complicate ownership transfer.
- Omitting any grantor's signature, rendering the deed invalid.
Why complete this form online
- Immediate access to downloadable and customizable legal forms.
- You can easily edit the form to suit your specific requirements.
- Secure storage of your documents for quick retrieval and reference.
- Complete the process from the comfort of your home without the need for an attorney's visit.
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FAQ
Notary Public (Section 47-1-44) In New Mexico it must be signed with a Notary Public viewing the Grantor(s) signature(s). Recording A quit claim deed is required to be filed at the County Clerk's Office where the property is located along with the required recording fee(s).
How to Quitclaim Deed to LLC. A quitclaim deed to LLC is actually a very simple process. You will need a deed form and a copy of the existing deed to make sure you identify titles properly and get the legal description of the property.
Fill out the quit claim deed form, which can be obtained online, or write your own using the form as a guide. The person giving up the interest in the property is the grantor, and the person receiving the interest is the grantee.
A New Mexico quitclaim deed transfers property without any guarantees, including title guarantees or a guarantee that the seller (grantor) has the right to transfer the property. Because of the risk of a quitclaim deed in New Mexico, it is best done when both parties trust each other. An alternative is a warranty deed.
They are commonly used to add/remove someone to/from real estate title or deed (divorce, name changes, family and trust transfers). The quitclaim deed is a legal document (deed) used to transfer interest in real estate from one person or entity (grantor) to another (grantee).
But you might be wondering if an owner can transfer a deed to another person without a real estate lawyer. The answer is yes. Parties to a transaction are always free to prepare their own deeds.A quitclaim deed, for example, is far simpler than a warranty deed.
To use a Quitclaim Deed to add someone to a property deed or title, you would need to create a Quitclaim Deed and list all of the current owners in the grantor section. In the grantee section, you would list all of the current owners as well as the person you would like to add.
Yes, you can use a Quitclaim Deed to transfer a gift of property to someone. You must still include consideration when filing your Quitclaim Deed with the County Recorder's Office to show that title has been transferred, so you would use $10.00 as the consideration for the property.