New Mexico Deed in Lieu of Prior Deed to Correctly Identify the Amount of Interest intended to Be Conveyed

State:
Multi-State
Control #:
US-OG-051
Format:
Word; 
Rich Text
Instant download

Description

This form addresses the situation where a deed has been granted, only to determine that the interest described in the deed was incorrect. Rather than executing and delivering another deed, which may give rise to the question of whether there were two deeds, this form serves to convey the corrected interest and specifies that it is in lieu of the previously delivered deed.

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FAQ

So when two parties engage in the sale of a piece of property, they transfer ownership through a conveyance. For instance, when a car owner legally signs the title over to a buyer, they are engaged in a conveyance. The term conveyance is commonly associated with real estate transactions.

Proper wording would be something like, ?I the seller, hereby convey and warrant this property to the buyer.? That would be sufficient words of conveyance. Another item needed would be a property description. Typically, a legal description is used. Also, the grantor must sign the deed.

A habendum clause is section of a contract that deals with rights, interests, and other aspects of ownership given to one of the parties in land deals. In real estate leases, the habendum clause deals with the lessee's rights and interests.

Words of conveyance Commonly referred to as the ?Granting Clause?, it identifies the grantor and grantee, and states that the property is being transferred between the two parties.

Disadvantages to Lender A lender should also hesitate before accepting a lieu deed where there are outstanding subordinate liens or judgments against the property. In such a situation, the lender will have to foreclose its mortgage, with the attendant expense and time involved to obtain clear title.

How to Write (1) Authorized New Mexico Filing Recipient. ... (2) New Mexico Grantor Name. ... (3) New Mexico Grantee Name. ... (4) New Mexico County Of Real Property. ... (5) Legal Description Of New Mexico Property. ... (6) Relevant Years. ... (7) Date Of New Mexico Conveyance. ... (8) New Mexico Grantor Signature.

These words of conveyance, also termed words of grant or operative words, constitute the granting clause of the deed. Depending on the jurisdiction, the interest being conveyed and the warranties given by the grantor, these words are: "grant and convey" "grant, bargain, and sell"

There must be a granting clause, operative words of conveyance (e.g., "I hereby grant"); 6. The deed must be signed by the party or parties making the conveyance or grant; and 7. It must be delivered and accepted.

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New Mexico Deed in Lieu of Prior Deed to Correctly Identify the Amount of Interest intended to Be Conveyed