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Bernalillo county quit claim deed form

New mexico quitclaim deed 2025

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The document is a Quitclaim Deed prepared by U.S. Legal Forms, Inc. for the State of New Mexico, facilitating the transfer of property from three individuals (Grantors) to one individual (Grantee) for a nominal consideration. It includes instructions for completing the form, a disclaimer regarding legal advice and liability, and sections for signatures and notary acknowledgment.

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What is a quitclaim deed most often used to do?

Quitclaim deeds are typically used to transfer property in non-sale situations, such as transfers of property between family members.

What are the pros and cons of a quitclaim deed?

Pros and Cons of Quitclaim Deeds Pros. There are several benefits of using a quitclaim deed, including: Simple Process. Completing a quitclaim deed is a simple and straightforward process. Affordable. Quick. Multiple Uses. Cons. No Warranties. Assumption of Liabilities.

Are quitclaim deeds reported to the IRS?

Reporting Sales: If the property is sold as part of the quitclaim deed transaction, the sale must be reported on the grantors and potentially the grantees income tax returns. The grantor must report any capital gains from the sale.

What are the disadvantages of a quit claim deed?

New Mexico A quitclaim deed costs $25 to file at the county clerks office in addition to any costs associated with the notary public. There are no transfer taxes for deeds filed in New Mexico.

How does a quitclaim deed work in New Mexico?

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.