Escrow & Title
In New Mexico, 'title by adverse possession' differs from title by deed in that adverse possession:
AAlways requires a court judgment to establish
BIs acquired through continuous, open, hostile, exclusive, and actual possession for the statutory period without the owner's permission✓ Correct
CRequires payment of the full market value
DOnly applies to commercial property
Explanation
Adverse possession requires continuous (10 years in NM), open, hostile, exclusive, and actual possession without permission. While typically confirmed by a quiet title action, the rights accrue through possession, not by deed.
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Key Terms to Know
Adverse Possession
A doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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