A Quitclaim Deed is a legal document used in New Mexico to transfer the ownership of mineral or royalty interests from one party to another. It is crucial in the state's thriving oil and gas industry, as it allows for the efficient transfer of those interests. Unlike a Warranty Deed, which guarantees the title to the property, a Quitclaim Deed offers no guarantees or warranties regarding the ownership or validity of the mineral or royalty interests being transferred. Instead, it simply conveys the interests that the granter has, if any, to the grantee. This type of deed is commonly used when the parties involved have a close relationship and trust each other. There are a few different types of New Mexico Quitclaim Deed for Mineral / Royalty Interest: 1. Individual to Individual: This is the most common type of Quitclaim Deed used for the transfer of mineral or royalty interests between individuals. It is typically used in cases where the granter wants to transfer their interests to another individual, such as a family member or friend. 2. Business to Individual: In some cases, a business entity may want to transfer its mineral or royalty interests to an individual. This type of Quitclaim Deed facilitates such transfer and ensures legal compliance. 3. Individual to Business: Conversely, an individual may want to transfer their mineral or royalty interests to a business entity. This type of Quitclaim Deed allows for such transfers, which can be particularly useful for estate planning or business purposes. 4. Business to Business: Occasionally, businesses may want to transfer their mineral or royalty interests to other business entities. This type of Quitclaim Deed facilitates such transfers and ensures clarity in ownership. Overall, a New Mexico Quitclaim Deed for Mineral / Royalty Interest is an essential legal document used for the transfer of these specific types of property interests. It is crucial to consult with a qualified attorney or real estate professional to ensure the proper drafting and execution of this type of deed to protect the interests of all parties involved.
New Mexico Quitclaim Deed for Mineral / Royalty Interest
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How to fill out New Mexico Quitclaim Deed For Mineral / Royalty Interest?
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1978, § 14-9-1) ? 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). Signing (N. M. S. A. 1978, § 47-1-44) ? In New Mexico, it must be signed with a Notary Public viewing the Grantor(s) signature(s).
Mineral rights deeds are not the same as royalty deeds. Royalty deeds do not allow for surface access, or for the initiation of the extraction and sale of minerals. A royalty owner will only benefit economically if the mineral owner decides to produce and sell the minerals.
Mineral rights can expire if the owner does not renew them or if they go unclaimed for a certain period of time. Mineral rights can also be sold, fractionalized, or transferred through gifting or inheritance.
Minerals include gold, silver, coal, oil, and gas. If you want to transfer the rights to these minerals to another party, you can do so in a variety of ways: by deed, will, or lease. Before you transfer mineral rights, you should confirm that you own the rights that you seek to transfer.
Transfer By Will It is also possible to transfer or pass down mineral rights by will. The right to minerals transfers at the time of death to the individuals named as beneficiaries. If no specific beneficiaries to the mineral rights are designated, ownership passes to the property and real estate heir.
Whether mineral rights transfer with the property depends on the estate type. If it's a severed estate, surface rights and mineral rights are separate and do not transfer together. However, if it's a unified estate, the land and the mineral rights can be conveyed with the property.
To transfer any rights to minerals successfully, follow these steps: The new owner has to acquire a copy of the deed for the site at a local courthouse in New Mexico. Review the deed to ensure it matches the description and to ensure that the so-called rights to any minerals are included in the property deed.
