A New Mexico quitclaim deed swiftly transfers property ownership but lacks title guarantees. Unlike a warranty deed, it’s based on trust between parties.
Laws & Requirements
Statute New Mexico Statute § 47-1-30
Signing Requirements § 47-1-44: a New Mexico quitclaim deed requires grantor(s) signature and notary acknowledgment.
Recording Requirements § 14-9-1: The County Clerk records quitclaim deeds. File in property county with fees per § 14-8-15 ($25/document).
Transfer Tax: No
How to File
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Step One: Gather Documentation
- Use a New Mexico-specific quitclaim deed template.
- Review the original property title for ownership and legal description.
- Legal description includes property boundaries and other relevant details, not just the address.
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Step Two: Fill Out the Quitclaim Deed
- Ensure all information is complete and accurate.
- Do not sign the document until in the presence of a notary.
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Step Three: Notarization
- Sign and date the document with a notary present.
- Notary’s signature and seal validate the document, as per N.M. Stat § 47-1-44.
- Bring valid identification to the notary.
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Step Four: File with the County Clerk
- File at the County Clerk’s office in the property’s county, following N. M. Stat. § 14-9-1.
- Provide the recipient’s name and address for the filed deed.
- Pay the filing fee of $25, according to N.M. Stat. § 14-8-15.
- Make copies for all relevant parties before filing.
Costs and Fees
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Filing Fees
- $25 fee for filing a quitclaim deed in New Mexico, as per N.M. Stat. § 14-8-15.
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Taxes
- Documentary Transfer Tax: None in New Mexico.
- US Gift Tax (Form 709): Applies to significant value transfers; real estate often qualifies. New Mexico has no separate gift tax.
- Capital Gains Tax: Levied on profit from real estate sales. Tax amount depends on property appreciation and duration of ownership. Consult a tax professional for a detailed assessment.
Frequently Asked Questions
How long does it typically take to record a quitclaim deed in New Mexico?
The recording time for a quitclaim deed in New Mexico can vary by county due to differences in processing times and local workload. Generally, it may take anywhere from a few days to a couple of weeks for a quitclaim deed to be officially recorded. It’s advisable to contact the local county recorder’s office where the property is located for the most accurate and up-to-date information.
Is there a specific expiration date for quitclaim deeds in New Mexico?
In New Mexico, quitclaim deeds do not have a specific expiration date once properly executed and recorded. The deed permanently transfers the grantor’s interest in the property to the grantee unless the deed itself is successfully challenged or voided through legal proceedings. As with any legal document, ensuring accuracy and compliance with state and local regulations at the time of execution is crucial.
How to correct a typo on a New Mexico quitclaim deed?
Correcting a typo on a New Mexico quitclaim deed involves several steps to ensure the correction is legally recognized:
- Identify the specific error on the original recorded deed.
- Prepare a new quitclaim deed with the correct information. This document is often referred to as a “Corrective Quitclaim Deed.”
- The corrective deed must be signed by the parties involved in the original deed and notarized.
- Record the corrective quitclaim deed with the county recorder’s office where the property is located, referencing the book and page number of the original deed. It’s recommended to consult with a legal professional to ensure the correction is made correctly and complies with New Mexico laws.
