Escrow & Title
In New Mexico, a 'quiet title action' is a court proceeding used to:
AReduce property taxes
BEstablish clear ownership by resolving competing claims to title✓ Correct
CCancel a lease agreement
DEnforce a deed restriction
Explanation
A quiet title action is filed in court to establish a claimant's clear title against adverse claims. It 'quiets' all competing claims and results in a court judgment declaring the plaintiff's ownership rights.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Math Concepts
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