Warranty Deed for Co-Trustees to Husband and Wife as Tenants in Common or as Community Property - New Mexico: Fill out & sign online

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What does joint tenants mean on a warranty deed?

Joint tenancy is a form of co-ownership where two or more individuals share equal ownership rights to a property. Each owner has an undivided interest in the property, and if one owner passes away, their share automatically transfers to the surviving owner(s).

What is considered community property in New Mexico?

In New Mexico, Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, and Wisconsin all property acquired during the marriage is considered community property, meaning it is owned by both spouses equally.

What is a disadvantage of joint tenancy ownership?

In tenancy in common, each owner owns an undivided portion of the property. Three siblings, for example, own a parcel of land as tenants in common; each of them owns an undivided one-third interest. Joint tenancy is characterized by something called the right of survivorship, or survivorship, for short.