Legal Question in Wills and Trusts in New Mexico

My friend and I are liated on the deed to a condo as the owners. My friend has a home equity loan used for the down payment and has the mortgage on the condo. I am making all of the payments related to the condo. In the event that one of us dies before the other how can we ensure that the equity interest in the condo is protected for each of us and that the loans are paid?


Asked on 11/19/09, 2:42 pm

1 Answer from Attorneys
Charles Aspinwall Charles S. Aspinwall, J.D., LLC

The deed should read "friend and friend, as joint tenants with right of survivorship." Then, if one dies, the condo legally becomes the sole property of the survivor. A copy of the death certificate must be filed with the county clerk for this to happen. Mortgages are best protected by decreasing term life insurance. Your agent can explain how that works.

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Answered on 11/24/09, 3:44 pm


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