Types of Property Ownership Interest in New Mexico
Amidst the sandy desert of New Mexico, there are many property ownership options. Some offer ownership for just a couple of months, while others allow possession for a lifetime. Once each option is understood, it will be easier for a prospective buyer to make the right choice.
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Tenancy in Severalty
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When a person enters into a tenancy in severalty property ownership agreement, they become the sole owner of the purchased realty. The property owner can be sell it for profit, mortgage it or pass the estate on to his heirs in a will; without consulting anyone else for permission.
Joint Tenancy
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A joint tenancy must be specifically requested, in order for it to go into effect. Once this type of agreement has been enacted, it allows for two or more people to become co-owners with an equal interest in the property, with the right of survivorship. If one of the owners dies, her share will be given to the remaining owners without the possibility of being passed onto another person in her will. If an owner decides to move out and sell his share to someone else, the new owner will not be in joint tenancy with the original owners; she will become a tenant in common, which gives her a disproportionate share and allows her to sell, mortgage or bequeath her interest in the property.
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Tenancy in Common
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When two or more people own an interest in land or realty, they have a tenancy in common. This type of agreement allows all owners full use of the property, regardless of the share percentage each person owns. If one of the owners decides to give his share to another person, either by sale or will, he can do so, without the permission of the other title-holders.
Community Property
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Community property ownership only applies to married couples in New Mexico. This type of ownership gives each spouse an undivided, 50 percent interest in the property.
Co-operative Apartments
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Co-operative apartments are owned by a corporation who leases specific units to shareholders, or people who have signed a subscription agreement for stock in the corporation's property. These shareholders are often very involved in the maintenance and management of their co-operative property.
Condominiums
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Condominiums allow for property owners to have exclusive ownership rights to a specified property unit, while sharing joint ownership of common areas, such as tennis courts, parking lots and lobby areas.
Time-shares
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Time-shares are a type of property interest owned by a group of people who rotate possession of the property for a specified length of time, such as a month or two, every year.
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