How Do Existing Mortgage Obligations Affect the Sale and Division of Proceeds in a Partition in New Mexico?
Detailed Answer In New Mexico, when co-owners cannot agree on possession of real property, one or more owners may file a partition action under NMSA 1978 § 42-6-1 et seq. If the court orders a sale instead of a physical division, the property sells and the proceeds distribute among the parties. Any mortgages or other […]
Read article →What legal options exist if co-owners in New Mexico cannot agree on sale logistics or cost sharing?
Disclaimer: This article is for informational purposes and does not constitute legal advice. Detailed Answer When co-owners in New Mexico cannot agree on sale logistics or cost sharing, state law provides several pathways. You can negotiate directly, explore mediation, or file a partition action in district court. Each option has pros and cons, costs, and […]
Read article →What Steps Are Required to File a Court Petition to Partition Land Owned by Multiple Relatives in New Mexico?
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Always consult a qualified attorney for guidance on your specific situation. Detailed Answer Under New Mexico law (NMSA 1978, Section 42-5-1 42-5-1), a co-owner of real property can seek a partition when multiple relatives own land and cannot agree on its […]
Read article →How Does a Financial POA End at Death and How Can Heirs Sell Joint Property?
How Does a Financial Power of Attorney End at Death and How Can Heirs Sell Jointly Inherited Property? Detailed Answer In New Mexico, a financial power of attorney (POA) gives an agent authority to handle your finances while you’re alive. When you die, that authority ends immediately. The agent must stop managing your assets at […]
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