Fill and Sign the Enhanced Life Estate Form

© 2016 - U.S. Legal Forms, Inc.       NEW MEXICO ENHANCED LIFE ESTATE WARRANTY DEED [A.K.A. Lady Bird Deed] [Individual to Two Individuals] Control Number: NM-031-78 I. TIPS ON COMPLETING THE FORMS The form(s) in this packet may contain “form fields” created using Microsoft Word or Adobe Acrobat (“.pdf” format). “Form fields” facilitate completion of the forms using your computer. They do not limit your ability to print the form “in blank” and complete with a typewriter or by hand. It is also helpful to be able to see the location of the form fields. Go to the View menu, click on Toolbars, and then select Forms. This will open the Forms toolbar. Look for the button on the Forms toolbar that resembles a shaded letter “a”. Click this button and the form fields will be visible. By clicking on the appropriate form field, you will be able to enter the needed information. In some instances, the form field and the line will disappear after information is entered. In other cases, it will not. The form was created to function in this manner. II. GRANTEES TAKING PROPERTY IN A CONCURRENT ESTATE In the State of New Mexico, real property can be held by more than one person (concurrent estates) in the following ways: A. If the Grantees ARE NOT married to each other, they can hold the property as: 1. Tenants in Common is a type of concurrent estate in which each party owns an undivided interest in the property that will pass to their heirs when the tenant in common dies. Generally their shares are “equal” in legal rights but may differ in size. 2. Joint Tenants with the Right of Survivorship is a type of concurrent estate in which co-owners have a right of survivorship , meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate. B. If the Grantees ARE married to each other, they can hold the property as: 1. Tenants in Common – see above. 2. Joint Tenants with the Right of Survivorship – see above. 3. Community Property is a type of concurrent estate where all property acquired during the marriage, other than gift or inheritance, is considered to be community property. Community property carries no automatic right of survivorship. If Husband and Wife own their home as “pure” community property, they have created 50%-50% interests, but without a right of survivorship. Each may pass on his/her share (50%) of the home to whomever they name in their will. 4. Community Property, with the Right of Survivorship, is generally the same as Community Property above but with a significant difference. Adding the “right of survivorship” means that when one spouse dies, the other spouse will own the home outright (assuming proper filing is done) and receive a "stepped-up basis" for the entire home (if it has appreciated in value) for capital gains tax purposes. C. In the attached deed, the preparer will need to indicate how the Grantees will hold the property: as Tenants in Common; Joint Tenants with the Right of Survivorship; Community Property; Community Property with the Right of Survivorship. D. For additional information on the above see the definitions at: http://lawdigest.uslegal.com/ E. For example: “…as Tenants in Common …” III. DISCLAIMER These materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the State of New Mexico. All information and Forms are subject to this Disclaimer: All forms in this package are provided without any warranty, express or implied, as to their legal effect and completeness. Please use at your own risk. If you have a serious legal problem, we suggest that you consult an attorney in your state. U.S. Legal Forms, Inc. does not provide legal advice. The products offered by U.S. Legal Forms (USLF) are not a substitute for the advice of an attorney. THESE MATERIALS ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY, OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL U.S. LEGAL FORMS, INC. OR ITS AGENTS OR OFFICERS BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OR PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE THE MATERIALS, EVEN IF U.S. LEGAL FORMS, INC. HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. Prepared by:       Recording Requested By and Return Documents to: Name:       Address:       City/State/Zip       ENHANCED LIFE ESTATE WARRANTY DEED (Individual to Two Individuals) GRANTOR:       1 ST GRANTEE:       1 ST GRANTEE'S ADDRESS:       2 nd GRANTEE:       2 ND GRANTEE'S ADDRESS:       PROPERTY ADDRESS:       LEGAL DESCRIPTION: See Exhibit A attached hereto and incorporated for all purposes.       WITNESSETH : For TEN DOLLARS ($10.00) and other valuable consideration, the receipt and sufficiency of which is acknowledged, Grantor does GRANT, SELL AND CONVEY unto Grantees, individuals as tenants in common , Enhanced Life Estate Deed Page 1 of 3 the Property, to have and to hold the Property unto Grantees and Grantee's heirs, executors, administrators, successors and assigns forever, subject to the Reservations and Exceptions. Grantor binds Grantor and Grantor's heirs, executors, administrators, successors and assigns to warrant and forever defend title to the Property to Grantees and Grantee's heirs, executors, administrators, successors and assigns, subject to the Reservations and Permitted Exceptions, against every person whomsoever lawfully claiming or to claim the same or any part thereof. RESERVATIONS FROM AND EXCEPTIONS TO CONVEYANCE AND WARRANTY : 1. All unpaid taxes and assessments for the year       and all subsequent years. 2. All liens, encumbrances, easements, reservations, restrictions, covenants, easements, zoning ordinances, matters of survey and conditions of record in the County Clerk Official Records of       County, New Mexico, affecting the Property. 3. GRANTOR reserves unto herself , for and during her lifetime, the exclusive possession, use, enjoyment, and right of income of the property described herein. 4. GRANTOR further reserves unto herself , for and during her lifetime, the right to sell, lease, encumber by mortgage, pledge, lien, or otherwise manage and dispose, in whole or in part, or grant any interest therein, of the property described herein premises, by gift, sale, or otherwise so as to terminate the interests of the GRANTEES, as GRANTOR in her sole discretion shall decide, except to dispose of said property, if any, by devise upon her death. 5. GRANTOR further reserves the right to cancel this deed by further conveyance, even to GRANTOR, which may destroy any and all rights which the GRANTEES may possess under this deed. GRANTEES shall hold a remainder interest in the property described herein and upon the death of the GRANTOR, if the property described herein has not been previously disposed of prior to GRANTOR’S death, all right and title to the property remaining shall fully vest in GRANTEES as owner subject to such liens and encumbrances existing at that time. IN WITNESS WHEREOF , the Grantor has signed and sealed this Deed on the day and year below written. Date:       Signature Enhanced Life Estate Deed Page 2 of 3       Print Name COUNTY OF       , STATE OF NEW MEXICO The foregoing instrument was acknowledged before me this       day of       , 20       , by       . My Commission Expires:       Notary Public Enhanced Life Estate Deed Page 3 of 3 EXHIBIT A Grantor:       Grantees:             Legal Description:       Enhanced Life Estate Deed Exhibit A