Detailed answer — clear steps to follow

1) Confirm how title passed and who holds ownership

Start by determining how the property is titled. The most common possibilities are:

• Sole ownership in your parent’s name — the property becomes part of the decedent’s estate at death and normally must be handled through probate unless another transfer mechanism applies.
• Tenants in common — each co-owner holds a divisible share. If your parent held title as a tenant in common with others or the ownership passed to multiple heirs, those heirs hold fractional interests.
• Joint tenancy with right of survivorship or payable-on-death/transfer-on-death device — property may pass automatically to the surviving joint tenant(s) and avoid probate.

Obtain a copy of the recorded deed at the county clerk/registrar to confirm the form of ownership. If ownership passed to heirs through probate, the personal representative (executor/administrator) or court records will show the status.

2) Figure out whether probate or another transfer procedure is required

If title did not pass automatically (for example by survivorship or a valid beneficiary deed), the property usually is an asset of the decedent’s estate. New Mexico’s probate system governs how estate property is administered and distributed. The New Mexico Courts provide probate self-help resources here: New Mexico Courts — Probate Self-Help. For statutory authority, see the New Mexico probate statutes (Uniform Probate Code) listed by the New Mexico Legislature: New Mexico Statutes (NMSA).

3) Get an accurate valuation and confirm liens

Obtain a professional appraisal or at least a broker price opinion to establish fair market value. Collect payoff information for any mortgage, tax liens, homeowners association liens, or other encumbrances. Net equity = market value minus payoff amounts and any estimated closing costs. You will base a buyout offer on net equity.

4) Make a buyout offer and document the agreement

If the heirs (your siblings and any other heirs) agree to sell their inherited shares to you, document the agreement in writing. Typical documents:

• A written purchase agreement or settlement agreement that identifies the parties, the share being purchased, the price, closing date, and how closing will occur;
• A deed form (typically a quitclaim deed or warranty deed depending on circumstances) prepared for recording;
• A statement about how liens, taxes, and closing costs will be handled.

Calculate the buyout amount by allocating net equity according to each heir’s share. Example: If net equity is $200,000 and there are four equal heirs, a 25% share equals $50,000. If you pay less than fair market share, the difference could be treated as a gift for tax purposes — consult a tax advisor.

5) Close and record the transfer

At closing you will typically pay the agreed amount, any mortgage payoff, and recording fees. The selling heirs execute a deed transferring their ownership interest to you. Record the deed with the county clerk/recorder where the property is located. After recording, obtain title insurance if appropriate to protect your ownership interest.

6) If probate has not been opened but it is necessary

If the estate must be probated and the property is an estate asset, the personal representative (executor or administrator) has authority to administer estate property. A buyout can be done either:

• By agreement among heirs and the personal representative, with the representative executing deeds or stipulating distribution; or
• By obtaining court approval if the personal representative needs authority to sell or transfer the asset free and clear of other heirs’ claims.

Speak with the personal representative or the attorney handling probate about documenting the transfer so it complies with any court supervision and distribution orders.

7) If heirs refuse to cooperate: partition or court intervention

If siblings will not agree to sell their share to you, you have two main options:

• Try mediation or negotiation to reach a buyout or other settlement.
• File a partition action in district court asking the court to divide the property among co-owners or order a sale and split proceeds. A forced partition sale can result in a court-ordered public sale (which may yield less value than a cooperative sale).

Partition actions are a formal court remedy and can be time-consuming and costly. Courts generally prefer settlement but will order sale if necessary.

8) Tax and financial considerations

There are several tax items to check before completing a buyout:

• Basis of the property. Property inherited at death usually receives a step-up in basis to fair market value at the decedent’s date of death — this may reduce capital gains if you later sell. Confirm specifics with a tax professional.
• Gift tax issues. If you pay siblings less than their fair share, the difference might be treated as a taxable gift.
• Transfer taxes, documentary stamps, or local filing fees that may apply to recorded deeds.

9) When to hire an attorney

Work with an attorney if any of the following apply:

• Title is unclear or there are unresolved liens.
• Heirs disagree about value or distribution.
• Probate court supervision is required, or you need court approval for a transfer.
• There is a mortgage or complicated tax exposure.

An attorney can prepare deeds, draft a binding buyout agreement, obtain court approvals, or file a partition action if needed.

Helpful hints

• Start by ordering a certified copy of the death certificate and a copy of the recorded deed from the county clerk. These facts determine whether probate is required.
• Obtain a current appraisal or comparative market analysis before making any firm offer.
• Put any agreement in writing. Verbal promises are risky when real property and family relationships are involved.
• Consider using an escrow agent or title company for closing to ensure funds and the deed are exchanged properly and recorded.
• Offer to pay reasonable closing costs or to buy out at FMV to increase the chance siblings will accept, especially if they want quick cash.
• If funds are limited, explore financing options — a refinance after the transfer or a purchase mortgage in your name may be required to pay siblings off.
• Be transparent about taxes and fees. Explain potential tax consequences and encourage siblings to get independent tax advice.
• If emotions run high, suggest a neutral mediator experienced with family and estate disputes before pursuing litigation.