NEW MEXICO STATUTES
CHAPTER 45 Uniform Probate Code
ARTICLE 6 Nonprobate Transfers
PART 4 REAL PROPERTY
45-6-401. Real property; transfer on death deed.
A. An interest in real property may be titled in transfer on death form by recording a deed signed and acknowledged by the record owner of the interest and designating a grantee beneficiary or beneficiaries of the interest. The deed transfers ownership of that interest upon the death of the owner. A transfer on death deed need not be supported by consideration.
B. The signature, consent or agreement of or notice to a grantee beneficiary of a transfer on death deed is not required for any purpose during the lifetime of the record owner.
C. An interest in real property is titled in transfer on death form by executing, acknowledging and recording in the office of the county clerk in the county where the real property is located, prior to the death of the owner, a deed in substantially the following form:
"TRANSFER ON DEATH DEED
___________ (Name of owner) __________ as owner transfers on death to _______ (name of beneficiary) __________, as grantee beneficiary, the following described interest in real property. THIS TRANSFER ON DEATH DEED IS REVOCABLE. IT DOES NOT TRANSFER ANY OWNERSHIP UNTIL THE DEATH OF THE OWNER. IT REVOKES ALL PRIOR BENEFICIARY DESIGNATIONS BY THIS OWNER FOR THIS INTEREST IN REAL PROPERTY.
(description)
Witness ___________________ hand ______________________ and
seal ___________________ this ___________ day of 20__.
____________ (Seal)
(Here add acknowledgment(s))".
D. A designation of the grantee beneficiary may be revoked by the record owner at any time prior to the death of the record owner, by the record owner executing, acknowledging and recording in the office of the county clerk in the county where the real property is located an instrument describing the interest and revoking the designation. The signature, consent or agreement of or notice to the grantee beneficiary or beneficiaries is not required.
E. A designation of the grantee beneficiary may be changed by the record owner at any time prior to the death of the record owner, by the record owner executing, acknowledging and recording a subsequent transfer on death deed. The signature, consent or agreement of or notice to the grantee beneficiary or beneficiaries is not required. A subsequent transfer on death beneficiary designation revokes a prior designation to the extent there is a conflict between the two designations.
F. A transfer on death deed executed, acknowledged and recorded in accordance with this section is not revoked by the provisions of a will.
G. A joint tenancy in real property is not effected by a transfer on death deed, and the rights of a surviving joint tenant shall prevail over a grantee beneficiary named in a transfer on death deed. If a joint tenant has executed a transfer on death deed, and if that joint tenant is the last surviving joint tenant, then the transfer on death deed is effective on that joint tenant's death.
H. Title to the interest in real estate recorded in transfer on death form shall vest in the designated grantee beneficiary or beneficiaries on the death of the record owner.
I. Grantee beneficiaries of a transfer on death deed take the record owner's interest in the real estate at death subject to all conveyances, assignments, contracts, mortgages, liens and security pledges made by the record owner or to which the record owner was subject during the record owner's lifetime and to any interest conveyed by the record owner that is less than all of the record owner's interest in the property.
J. If the assets of the estate are insufficient, a transfer resulting from a transfer on death deed is not effective against the estate of a deceased party to the extent needed to pay any claims against the estate and the statutory allowances to the surviving spouse and children.
K. If a grantee beneficiary dies prior to the death of the record owner and an alternative grantee beneficiary has not been designated on the deed, the transfer shall lapse.
NEW MEXICO STATUTES
CHAPTER 47 PROPERTY LAW
ARTICLE 1 CONVEYANCES AND GENERAL PROVISIONS
47-1-1. "Real estate" defined.
The term "real estate", as used in Chapter 47 NMSA 1978, shall be so
construed as to be applicable to lands, tenements and hereditaments,
including all real movable property and leaseholds. As used in this
section "leasehold" means an estate in real estate or real property held
under a lease.
History: Laws 1851-1852, p. 372; C.L. 1865, ch. 44, § 2; C.L.
1884, § 2749; C.L. 1897, § 3940; Code 1915, § 4758; C.S.
1929, § 117-102; 1941 Comp., § 75-101; 1953 Comp., § 70-1-1;
1991, ch. 234, § 3.
47-1-2. "Monopolies"; entailments; primogeniture.
Monopolies are contrary to the genius of a free government and shall
never be allowed, nor shall the law of primogeniture or entailments ever
be in force in this state.
History: Laws 1851-1852, p. 154; C.L. 1865, ch. 95, § 17; C.L.
1884, § 2600; C.L. 1897, § 3774; Code 1915, § 4770; C.S.
1929, § 117-114; 1941 Comp., § 75-102; 1953 Comp., § 70-1-2;
Laws 1992, ch. 66, § 70.
47-1-4. Conveyances authorized.
Any person or persons, or body politic, holding, or who may hold, any
right or title to real estate in this state, be it absolute or limited,
in possession, remainder or reversion, may convey the same in the manner
and subject to the restrictions prescribed in this chapter.
History: Laws 1851-1852, p. 373; C.L. 1865, ch. 44, § 1; C.L.
1884, § 2748; C.L. 1897, § 3939; Code 1915, § 4757; C.S.
1929, § 117-101; 1941 Comp., § 75-103; 1953 Comp., § 70-1-3.
47-1-5. Siging of conveyances.
All conveyances of real estate shall be subscribed by the person transferring
his title or interest in said real estate, or by his legal agent or attorney.
History: Laws 1851-1852, p. 374; C.L. 1865, ch. 44, § 4; C.L. 1884, §
2751; C.L. 1897, § 3942; Code 1915, § 4760; C.S.
1929, § 117-104; 1941 Comp., § 75-104; 1953 Comp., § 70-1-4.
47-1-6. Seal unnecessary.
No seal or scroll is necessary to the validity of any contract, bond or
conveyance, whether respecting real or personal property, or any other instrument
of writing, nor does the addition or omission of a seal or scroll in any way
affect the force or effect of the same.
History: Laws 1901, ch. 62, § 11; Code 1915, § 4761; C.S.
1929, § 117-105; 1941 Comp., § 75-105; Laws 1967, ch. 87, § 9;
1953 Comp., § 70-1-5.
47-1-7. Powers of attorney and revocations thereof to be acknowledged and recorded.
All powers of attorney or other writings containing authority to convey real
estate, as agent or attorney of the owner of the same, or to execute, as agent for
another, any conveyance of real estate, or by which real estate may be affected in
law, or equity, shall be acknowledged, certified, filed and recorded, as other
writings conveying or affecting real estate are required to be acknowledged. No
such power of attorney, or other writing, filed and recorded in the manner
prescribed in this section, shall be considered revoked by any act of the party
executing the same, until the instrument of writing revoking the same, duly
acknowledged and certified to, shall be filed for record and recorded in the
office of the county clerk where said power of attorney or other writing is filed
and recorded.
History: Laws 1901, ch. 62, § 21; Code 1915, § 4774; C.S.
47-1-8. Conveyances Under Terminated Power of Attorney; Validation
All conveyances or incumbrances of real or personal property heretofore or
hereafter made in pursuance of a power of attorney valid when executed, are hereby
declared valid notwithstanding the revocation of such power or the death of the
donor of such power where the person to whom such conveyance or incumbrance is
made or granted is a bona fide purchaser or incumbrancer for value and without
notice of such revocation or death.
History: 1941 Comp., § 75-106a, enacted by Laws 1945, ch. 69, § 1; 1953
Comp., § 70-1-7.
47-1-9. Notice of revocation or death by means of affidavit
Notice of such revocation or death may be given so as to affect, with notice,
all subsequent purchasers or incumbrancers within the meaning of Section 1 hereof
by the filing for record with the county clerk of the county where such real
estate is located or where such personal property is usually situated, as the case
may be, of the affidavit of any person declaring the facts. Such affidavit may be
made on information and belief
and such be duly acknowledged in the same manner as the instrument conveying real
estate.
History: 1941 Comp., § 75-106b, enacted by Laws 1945, ch. 69, § 2; 1953
Comp., § 70-1-8.
47-1-10. Recordation of affidavit of termination of power of attorney.
In the absence of the recordation of an affidavit as described in Section 2
thereof, all subsequent bona fide purchasers or incumbrancers without actual notice
of the defects in such power of attorney as referred to in Section 1 hereof, shall
be entitled to the same interest and to the same extent as they would have been
had such power of attorney not been subject to such defects.
History: 1941 Comp., § 75-106c, enacted by Laws 1945, ch. 69, § 3; 1953
Comp., § 70-1-9.
47-1-11. Instruments by agent authorized.
All conveyances of real estate, mortgages, trust deeds, sales contracts and
other instruments of writing affecting the title to real estate, subscribed and
executed by the owner or owners thereof through his or her duly authorized agent
under a duly executed and acknowledged power of attorney, shall have the same
force and effect as though said conveyance, mortgage, trust deed, sales contract
or other instrument affecting the title to real estate had been actually
subscribed by the owner or owners thereof.
History: Laws 1937, ch. 147, § 1; 1941 Comp., § 75-107; 1953 Comp., §
70-1-10.
47-1-12. Conveyance by decree or master
In all actions relating to real estate, where it becomes necessary for the
conveyance of the same by either party to the action the court may enter a decree,
which of itself shall operate as a good and sufficient conveyance of the real
estate in question or may appoint any proper person to make such conveyance for
and on behalf of the party.
History: Laws 1901, ch. 62, § 10; 1903, ch. 5, § 4; Code 1915, § 4773; C.S.
1929, § 117-117; 1941 Comp., § 75-108; 1953 Comp., § 70-1-11.
47-1-13. Lineal and collateral securities; contracts binding realty as against heirs and legal claimants.
Lineal and collateral securities in all cases are hereby forbidden, but the
heirs and legal claimants of any person who may have made any written contract or
agreement shall be responsible for said contract or agreement to the extent of the
lands limited or bequeathed, in such case, and in the manner prescribed by law.
History: Laws 1851-1852, p. 376; C.L. 1865, ch. 44, § 27; C.L. 1884, § 1426;
C.L. 1897, § 2046; Code 1915, § 4766; C.S.
1929, § 117-110; 1941 Comp., § 75-109; 1953 Comp., § 70-1-12.
47-1-14. Effect of words "bargained and sold".
The words, bargained and sold, or words to the same effect, in all conveyances of hereditary real estate, unless restricted in express terms on the part of the person conveying the same, himself and his heirs, to the person to whom the property is conveyed, his heirs and assignees, shall be limited to the following effect:
A. that the grantor, at the time of the execution of said conveyance, is possessed of an irrevocable possession in fee simple to the property so conveyed;
B. that the said real estate, at the time of the execution of said conveyance, is free from all encumbrance made or suffered to be made by the grantor, or by any person claiming the same under him;
C. for the greater security of the person, his heirs and assignees, to whom said real estate is conveyed by the grantor and his heirs, suits may be instituted the same as if the conditions were stipulated in the said conveyance.
History: Laws 1851-1852, p. 374; C.L. 1865, ch. 44, § 3; C.L. 1884, § 2750; C.L. 1897, § 3941; Code 1915, § 4759; C.S. 1929, § 117-103; 1941 Comp., § 75-110; 1953 Comp., § 70-1-13.
47-1-15. Joint grantees or devisees; tenancy in common
All interest in any real estate, either granted or bequeathed to two or more
persons other than executors or trustees, shall be held in common, unless it be
clearly expressed in said grant or bequest that it shall be held by both parties.
History: Laws 1851-1852, p. 374; C.L. 1865, ch. 44, § 17; C.L.
1884, § 2764; C.L. 1897, § 3961; Code 1915, § 4762; C.S.
1929, § 117-106; 1941 Comp., § 75-111; 1953 Comp., § 70-1-14.
47-1-16. Instrument of conveyance; prima facie evidence of joint tenancy
An instrument conveying or transferring title to real or personal
property to two or more persons as joint tenants, to two or more persons and to
the survivors of them and the heirs and assigns of the survivor, or to two or more
persons with right of survivorship, shall be prima facie evidence that such
property is held in a joint tenancy and shall be conclusive as to purchasers or
encumbrancers for value. In any litigation involving the issue of such tenancy a
preponderance of the evidence shall be sufficient to establish the same.
History: 1953 Comp., § 70-1-14.1, enacted by Laws 1955,
ch. 174, § 1.
47-1-17. "Entailed" estates.
Whenever a conveyance or bequest is made wherein the conveyor or
testator shall hold possession of property, be it lands or tenements, in law or
equity, as under the English Statute of Edward the First, styled the entail
statute, and said property is to be perpetuated in the family, each one of said
conveyances or bequests shall only invest the conveyors or testators with
possession during their lifetime, who shall possess and hold the right and title
to said premises, and no others, the same as a tenant for life is recognized by
law; and at the death of said conveyor or testator said lands and tenements shall
descend to the children of said conveyor or testator, to be equally divided among
them as absolute tenants in common; and if there should be but one child, it shall
descend absolutely to it; and if any child should die, the part which he or she
should have received shall be given to his or her successor, and if there should
be no such successor, then it shall descend to his or her legal heirs.
History: Laws 1851-1852, p. 376; C.L. 1865, ch. 44, § 24; C.L.
1884, § 1423; C.L. 1897, § 2043; Code 1915, § 4763; C.S.
1929, § 117-107; 1941 Comp., § 75-112; 1953 Comp., § 70-1-15.
47-1-27. Statutory forms of conveyance and mortgage of real property
The forms set forth in the appendix to this act may be used and shall be
sufficient for their respective purposes. They shall be known as "statutory forms"
and may be referred to as such. They may be altered as circumstances require, and
the authorization of such forms shall not prevent the use of other forms.
History: 1941 Comp., § 75-126, enacted by Laws 1947, ch. 203,
§ 1; 1953 Comp., § 70-1-26.
47-1-28. Applicability from effective date of act.
For the purpose of avoiding the unnecessary use of words in deeds or other
instruments relating to real estate whether said statutory form or other form is
used, the rules and definitions contained in this act shall apply to all such
instruments executed or delivered on or after the effective date of this act.
History: 1941 Comp., § 75-127, enacted by Laws 1947, ch. 203,
§ 2; 1953 Comp., § 70-1-27.
47-1-29. "Warranty" deed effective in fee simple
A deed in substance following the form entitled "warranty deed" in the appendix
to this act shall, when duly executed, have the force and effect of a deed in fee
simple to the grantee, his heirs and assigns, to his and their own use, with
covenants on the part of the grantor for himself, his heirs, executors,
administrators and successors, with the grantee, his heirs, successors and
assigns, as specified in the definition of "warranty covenants" in Section 10 of
this act.
History: 1941 Comp., § 75-128, enacted by Laws 1947, ch. 203,
§ 3; 1953 Comp., § 70-1-28.
47-1-30. "Quitclaim" deed effective in fee simple without warranty.
A deed in substance following the form entitled "quitclaim deed"
shall, when duly executed, have the force and effect of a deed in fee
simple to the grantee, his heirs and assigns, to his and their own use of any
interest the grantor owns in the premises, without warranty.
History: 1941 Comp., § 75-129, enacted by Laws 1947, ch. 203,
§ 4; 1953 Comp., § 70-1-29.
47-1-31. "Special Warranty" deed; effect
A deed in substance following the form entitled "special warranty deed" shall,
when duly executed, have the force and effect of a deed in fee simple to the
grantee, his heirs and assigns, to his and their own use, with covenants on the
part of the grantor, for himself, his heirs, executors, administrators, and
successors, with the grantee, his heirs, successors and assigns as specified in
the definition of "special warranty covenants" in Section 11 of this act.
History: 1941 Comp., § 75-130, enacted by Laws 1947, ch. 203,
§ 5; 1953 Comp., § 70-1-30.
47-1-32. "Grant" effective as a word of conveyance.
In a conveyance of real estate the word "grant" shall be a sufficient word of
conveyance without the use of the words "give, bargain, sell and convey" and no
covenant shall be implied from the use of the word, "grant."
History: 1941 Comp., § 75-131, enacted by Laws 1947, ch. 203,
§ 6; 1953 Comp., § 70-1-31.
47-1-33. Unnecessary terms; construction of deeds or reservations
In a conveyance or reservation of real estate the terms, "heirs,"
"assigns" or other technical words of inheritance shall not be necessary to convey
or reserve an estate in fee. A deed or reservation of real estate shall be
construed to convey or reserve an estate in fee simple, unless a different
intention clearly appears in the deed.
History: 1941 Comp., § 75-132, enacted by Laws 1947, ch. 203,
§ 7; 1953 Comp., § 70-1-32.
47-1-34. Rights included without enumeration
In a conveyance or mortgage of real estate all rights, easements,
privileges and appurtenances belonging to the granted estate shall be
included in the conveyance, unless the contrary shall be stated in the deed, and
it shall be unnecessary to enumerate or mention them generally or specifically.
History: 1941 Comp., § 75-133, enacted by Laws 1947, ch. 203,
§ 8; 1953 Comp., § 70-1-33.
47-1-35. Conveyance or mortgage to joint tenants
In a conveyance or mortgage of real estate, the designation of two or more
grantees "as joint tenants" shall be construed to mean that the conveyance is to
the grantees as joint tenants, and not as tenants in common, and to the survivor
of them and the heirs and assigns of the survivor.
History: 1941 Comp., § 75-134, enacted by Laws 1947, ch. 203,
§ 9; 1953 Comp., § 70-1-34.
47-1-36. Joint tenancies defined; creation.
A joint tenancy in real property is one owned by two or more persons, each
owning the whole and an equal undivided share, by a title created by a single
devise or conveyance, when expressly declared in the will or conveyance to be a
joint tenancy, or by conveyance from a sole owner to himself and others, or from
tenants in common to themselves, or to themselves and others, or from husband and
wife when holding as community property or otherwise to themselves or to
themselves and others, when expressly declared in the conveyance to be a joint
tenancy, or when granted or devised to executors or trustees.
History: 1953 Comp., § 70-1-34.1, enacted by Laws 1971,
ch. 220, § 1.
47-1-37. Effect of warranty covenants in conveyances
In a conveyance of real estate the words, "warranty covenants" shall have the
full force, meaning and effect of the following words: "the grantor for himself,
his heirs, executors, administrators and
successors, covenants with the grantee, his heirs, successors and
assigns, that he is lawfully seized in fee simple of the granted
premises; that they are free from all former and other grants, bargains, sales,
taxes, assessments and encumbrances of what kind and nature soever; that he has
good right to sell and convey the same; and that he will, and his heirs,
executors, administrators and successors shall warrant and defend the same to the
grantee and his heirs, successors and assigns forever against the lawful claims
and demands of all persons."
History: 1941 Comp., § 75-135, enacted by Laws 1947, ch. 203,
§ 10; 1953 Comp., § 70-1-35.
47-1-38. Effect of special warranty covenants in conveyances
In a conveyance of real estate the words "special warranty Covenants" shall
have the full force, meaning and effect of the following words: "the grantor for
himself, his heirs, executors, administrators and successors, covenants with the
grantee, his heirs, successors and assigns that the granted premises are free from
all encumbrances made by the grantor, and that he will, and his heirs, executors,
administrators and successors shall warrant and defend the same to the grantee and
his heirs, successors and assigns forever against the lawful claims and demands of
all persons claiming by, through or under the grantor, but against none other."
History: 1941 Comp., § 75-136, enacted by Laws 1947, ch. 203,
§ 11; 1953 Comp., § 70-1-36.
47-1-39. Mortgage or deed of trust provisions; effect
A deed in substance following the forms entitled "mortgage" or "deed of trust"
shall when duly executed have the force and effect of a mortgage or deed of trust
by way of mortgage to the use of the mortgagee and his heirs and assigns with
mortgage covenants and upon statutory mortgage condition as defined in the
following two sections to secure the payment of the money or the performance of
any obligation therein specified. The parties may insert in such mortgage any
other lawful agreement or condition.
History: 1941 Comp., § 75-137, enacted by Laws 1947, ch. 203,
§ 12; 1953 Comp., § 70-1-37.
47-1-40. Construction of mortgage covenants
In a mortgage or deed of trust by way of mortgage of real estate
"mortgage covenants" shall have the full force and meaning and effect of the
following words and shall be applied and construed accordingly: "the mortgagor for
himself, his heirs, executors, administrators and successors, covenants with the
mortgagee and his heirs, successors and assigns that he is lawfully seized in fee
simple of the granted premises; that they are free from all encumbrances; that the
mortgagor has good right to sell and convey the same; and that he will, and his
heirs, executors, administrators and successors shall, warrant and defend the same
to the mortgagee and his heirs, successors and assigns forever against the lawful
claims and demands of all persons."
History: 1941 Comp., § 75-138, enacted by Laws 1947, ch. 203,
§ 13; 1953 Comp., § 70-1-38.
47-1-41. Construction of "statutor mortgage condition".
In a mortgage or deed of trust by way of mortgage of real estate the words, "statutory mortgage condition" shall have the full force, meaning and effect of the following words and shall be applied and construed accordingly: "in the event any of the following terms, conditions or obligations are broken by the mortgagor, this mortgage (or deed of trust) shall thereupon at the option of the mortgagee, be subject to foreclosure and the premises may be sold in the manner and form provided by law, and the proceeds arising from the sale thereof shall be applied to the payment of all indebtedness of every kind owing to the mortgagee by virtue of the terms of this mortgage or by virtue of the terms of the obligation or obligations secured hereby:
A. mortgagor shall pay or perform to mortgagee or his executors, administrators, successors or assigns all amounts and obligations as provided in the obligation secured hereby and in the manner, form, and at the time or times provided in the obligation or in any extension thereof;
B. mortgagor shall perform the conditions of any prior mortgage, encumbrance, condition or covenant;
C. mortgagor shall pay when due and payable all taxes, charges, and assessments to whomsoever and whenever laid or assessed upon the mortgaged premises or on any interest therein;
D. mortgagor shall, during the continuance of the indebtedness secured hereby keep all buildings on the mortgaged premises in good repair and shall not commit or suffer any strip or waste of the mortgaged premises;
E. mortgagor shall pay when due all state and federal grazing lease fees; and
F. mortgagor shall keep the buildings on the mortgaged premises insured in the sum specified and against the hazards specified in the mortgage for the benefit of the mortgagee and his executors, administrators, successors and assigns. The insurance shall be in such form and in such insurance companies as the mortgagee shall approve. Mortgagor shall deliver the policy or policies to the mortgagee and at least two days prior to the expiration of any policy on the premises shall deliver to mortgagee a new and sufficient policy to take the place of the one so expiring. In the event of the failure or refusal of the mortgagor to keep in repair the buildings on the mortgaged premises; or to keep the premises insured, or to deliver the policies of insurance, as provided; or to pay taxes and assessments, or to perform the conditions of any prior mortgage, encumbrance, covenant or condition, or to pay state and federal grazing lease fees, the mortgagee and its executors, administrators, successors or assigns may, at his option, make such repairs, or procure such insurance, or pay such taxes or assessments, or pay such state and federal grazing lease fees, or perform such conditions and all monies thus paid or expenses thus incurred shall be payable by the mortgagor on demand and shall be so much additional indebtedness secured by the mortgage."
History: 1941 Comp., § 75-139, enacted by Laws 1947, ch. 203, § 14; 1953 Comp., § 70-1-39; Laws 1969, ch. 108, § 1.
47-1-42. Sheriff designated as successor trustee
It shall be unnecessary to recite in any deed of trust given by way of mortgage
that in the case of the resignation, refusal, failure or inability of the trustee
named therein at any time to act, the then acting sheriff of the county in which
said real estate is situate shall be successor trustee with like powers to those
of the named trustee; but the same shall be implied in any such deed of trust
unless a contrary intention appears therefrom.
History: 1941 Comp., § 75-140, enacted by Laws 1947, ch. 203,
§ 15; 1953 Comp., § 70-1-40.
47-1-43. Verb "assign" sufficient to transfer interest
In an assignment of a mortgage or deed of trust by way of mortgage of real
estate the word "assign" shall be a sufficient word to transfer the mortgage or
the beneficial interest under deed of trust, without the words, "transfer and set
over."
History: 1941 Comp., § 75-141, enacted by Laws 1947, ch. 203,
§ 16; 1953 Comp., § 70-1-41.
47-1-44. Conveyancing forms.
(1) WARRANTY DEED
_______, for consideration paid, grant ______ to _______, whose address is _________, the following described real estate in __________ county, New Mexico:
(description)
with warranty covenants.
Witness ________ hand ______ and seal ______ this ______ day of _________, 19__
__________ (Seal)
(Here add acknowledgment(s))
(2) WARRANTY DEED (JOINT TENANTS)
_______, for consideration paid, grant ______ to _______, whose address is _________, and __________, whose address is _________, as joint tenants the following real estate in _______ county, New Mexico:
(description)
with warranty covenants.
Witness ________ hand ______ and seal ______ this ______ day of ________, 19__
_________ (Seal)
(Here add acknowledgment(s))
(3) QUITCLAIM DEED
____________, for consideration paid, quitclaim _________ to ____________, whose address is _________, the following described real estate in _________ county, New Mexico:
(description)
Witness ________ hand ______ and seal ______ this ______ day of ________, 19__
_________ (Seal)
(Here add acknowledgment(s))
(4) QUITCLAIM DEED (JOINT TENANTS)
_________, for consideration paid quitclaim __________ to ________, whose address is __________, and _________, whose address is _______, as joint tenants the following described real estate in ____________ county, New Mexico:
(description)
Witness ________ hand ______ and seal ______ this ______ day of ________, 19__
_________ (Seal)
(Here add acknowledgment(s))
(5) SPECIAL WARRANTY DEED
__________, for consideration paid, grant ____________ to ________, whose address is ___________, the following described real estate in _____________ county, New Mexico:
(description)
with special warranty covenants.
Witness ________ hand ______ and seal ______ this ______ day of ________, 19__
_________ (Seal)
(Here add acknowledgment(s))
(6) MORTGAGE
___________, for consideration paid, grant _________ to ______, whose address is ______________, the following described real estate in __________ county, New Mexico:
(description)
with mortgage covenants.
This mortgage secures the performance of the following obligation:
(Here attach copy of or summarize note or other obligation)
and is upon the statutory mortgage condition for the breach of which it is subject to foreclosure as provided by law. The amount specified for insurance as provided in the statutory mortgage condition is $ ____ and the hazard _______ to be insured against ______________
fire _____
Witness ________ hand ______ and seal ______ this ______ day of ________, 19__
_________ (Seal)
(Here add acknowledgment(s))
(7) DEED OF TRUST
____________, for consideration paid, grant __________ to _______, whose address is _________, as trustee for _________, whose address is __________, beneficiary, the following described real estate in ____________ county, New Mexico:
(description)
with mortgage covenants.
This deed of trust secures the performance of the following obligation:
(Here attach copy of or summarize note or other obligation)
and is upon the statutory mortgage condition for the breach of which it is subject to foreclosure as provided by law. The amount specified for insurance as provided in the statutory mortgage condition is $ ____, and the hazard _________ to be insured against __________ fire ________
Witness ________ hand ______ and seal ______ this ______ day of _________, 19__
_________ (Seal)
(Here add acknowledgment(s))
(8) RELEASE OF MORTGAGE
________, mortgagee ________ under a certain mortgage executed by _______, on the _______________ day of ____________, 19__, and recorded in Book _____ page _____ of the records of ____________ county, New Mexico, do ___________ hereby discharge all of the real estate mentioned in said mortgage from the lien and operation thereof.
Witness ________ hand ______ and seal ______ this ______ day of ________, 19__
_________ (Seal)
(Here add acknowledgment(s))
(9) PARTIAL RELEASE OF MORTGAGE
_________, mortgagee ________ under a certain mortgage executed by ________ on the ________ day of _______, 19__, and recorded in Book _____, page _____ of the records of ____________ county, New Mexico, do ____________ hereby discharge the following portion only of the real estate described in said mortgage:
(description)
from the lien and operation thereof.
Witness ________ hand ______ and seal ______ this ______ day of __________, 19__
_________ (Seal)
(Here add acknowledgment(s))
(10) RELEASE OF DEED OF TRUST
__________, trustee under a certain deed of trust executed by __________ on the ________ day of _________, 19__, and recorded in Book ____, page ____ of the records of _________ county, New Mexico, does hereby, at the written request of the beneficiary of said deed of trust, discharge all of the real estate mentioned in said deed of trust from the lien and operation thereof.
Witness ________ hand ______ and seal ______ this ______ day of _________, 19__
_________ (Seal)
(Here add acknowledgment(s))
(11) PARTIAL RELEASE OF DEED OF TRUST
_________, trustee under a certain deed of trust executed by __________ on the ________ day of ___________, 19__, and recorded in Book ______ page _____ of the records of ___________ county, New Mexico does hereby, at the written request of the beneficiary of said deed of trust discharge the following portion only of the real estate described in said deed of trust.
(description)
from the lien and operation thereof.
Witness ________ hand ______ and seal ______ this ______ day of _________, 19__
_________ (Seal)
(Here add acknowledgment(s))
(12) ASSIGNMENT OF MORTGAGE
(13) ASSIGNMENT OF DEED OF TRUST
____________, beneficiary ___________ of a deed of trust from _________ to _____________, trustee for the undersigned dated ______________ and recorded in Book _____ page _____ of the records of _____________ county, New Mexico, hereby assign __________ the beneficial interest under said deed of trust and the obligation secured thereby to ___________, whose address is ____________
Witness ________ hand ______ and seal ______ this ______ day of _________, 19__
_________ (Seal)
(Here add acknowledgment(s))
History: 1941 Comp., § 75-142, enacted by Laws 1947, ch. 203, Appx.; 1953 Comp., § 70-1-42; Laws 1975, ch. 135, § 1.
NEW MEXICO CASE LAW
During the life of the real estate contract any risk of loss or enhancement in value accrues to the purchaser. Upon default and forfeiture, the buyer's interest is terminated and there is no enhancement value to be recovered by the buyer. Russell v. Richards, 103 N.M. 48 (1985)
The rule is well settled in New Mexico that forfeiture provisions in real estate contracts are enforceable absent unfairness which shocks the conscience of the court. To determine whether a forfeiture shocks the conscience of the court, the court applies the following equitable considerations: the amount of money already paid by the buyer to the seller; the period of possession of the real property by the buyer; the market value of the real property at the time of default compared to the original sales price; and the rental potential and value of the real property. Id.
During the life of the real estate contract any risk of loss or enhancement in value accrues to the purchaser. Upon default and forfeiture, the buyer's interest is terminated and there is no enhancement value to be recovered by the buyer. Id.
Agreement or Contract for Deed for Sale and...
