Section 47-7-1 – Short title.
This act [47-7-1 to 47-7-25, 47-7-26 to 47-7-28 NMSA 1978] may be cited as the “Building Unit Ownership Act.” History: 1953 Comp., § 70-4-1, enacted by Laws 1963, ch. 221, § 1; 1975, ch. 318, § 1.
Section 47-7-10 – Common profits and expenses.
The common profits of the property shall be distributed among, and the common expenses shall be charged to, each unit owner according to the percentage of his undivided interest in the common areas and facilities. History: 1953 Comp., § 70-4-10, enacted by Laws 1963, ch. 221, § 10; 1975, ch. 318, § 10. ANNOTATIONS Am. […]
Section 47-7-11 – Contents of declaration.
The declaration shall contain: A. a description of the land on which the building and improvements are or will be located; B. a description of the building, stating the number of stories and basements, the number of units and the principal materials of which it is, or will be, constructed; C. the number of each […]
Section 47-7-12 – Declaration; apportionment of interest.
The declaration shall specify a method by which the interest attributable to each unit shall be apportioned. The apportionment may be based upon: A. the square or cubic footage in the unit as a percentage of the square or cubic footage in all of the units; B. the value, as that term is defined in […]
Section 47-7-13 – Contents of deeds of units.
Deeds of units shall include: A. a description of the land as provided in Section 47-7-11 NMSA 1978, or the post-office address of the property, including in either case the book, page and date of recording of the declaration; B. any other data necessary for proper identification of that unit; C. a statement of the […]
Section 47-7-14 – Copy of the floor plans to be filed.
Simultaneously with the recording of the declaration, there shall be filed in the office of the county clerk a set of the floor plans of the building showing: A. the layout, location and dimensions of the units, stating the name of the building or that it has no name, and bearing the verified statement of […]
Section 47-7-15 – Blanket encumbrances affecting a unit at time of first conveyance.
At the time of the first conveyance of each unit, every blanket encumbrance affecting the unit shall be paid and satisfied of record, or the unit being conveyed shall be released therefrom by partial release duly recorded. History: 1953 Comp., § 70-4-14, enacted by Laws 1963, ch. 221, § 14; 1975, ch. 318, § 15. […]
Section 47-7-16 – Recording.
A. The declaration, any amendment thereof, any instrument by which the provisions of the Building Unit Ownership Act may be waived and every instrument affecting the property or any unit shall be entitled to be recorded. Neither the declaration nor any amendment thereof shall be valid unless duly recorded. B. In addition to the records […]
Section 47-7-17 – Removal from provisions of the Building Unit Ownership Act.
A. All unit owners may remove a property from the provisions of the Building Unit Ownership Act by an instrument to that effect, duly recorded; provided that the holders of liens affecting any unit shall consent or agree by instrument duly recorded, provided that their liens be transferred to the percentage of the undivided interest […]
Section 47-7-18 – Removal no bar to subsequent resubmission.
The removal provided in Section 47-7-17 NMSA 1978 shall not bar the subsequent resubmission of the property to the provisions of the Building Unit Ownership Act. History: 1953 Comp., § 70-4-17, enacted by Laws 1963, ch. 221, § 17; 1975, ch. 318, § 18. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. […]
Section 47-7-19 – Bylaws.
The administration of every property shall be governed by bylaws, a true copy of which shall be annexed to the declaration and shall be a part thereof. No modification of or amendment to the bylaws shall be valid unless set forth in an amendment to the declaration and the amendment be duly recorded. History: 1953 […]
Section 47-7-2 – Definitions.
As used in the Building Unit Ownership Act: A. “unit” means a part of the property intended for residential, professional, commercial, industrial or any type of independent use, including one or more rooms or enclosed spaces located on one or more floors in a building, and with a direct exit to a public street or […]
Section 47-7-20 – Contents of bylaws.
The bylaws may provide for: A. the election from among the unit owners of a board of directors, the number of persons constituting the board, and that the terms of at least one-third of the directors shall expire annually; the powers and duties of the board; the compensation of the directors; and the authority of […]
Section 47-7-21 – Books of receipts and expenditures; availability for examination.
The manager or board of directors, shall keep detailed, accurate records in chronological order, of the receipts and expenditures affecting the common areas and facilities, specifying and itemizing the maintenance and repair expenses of the common areas and facilities and any other expenses incurred. The records and the vouchers authorizing payments shall be available for […]
Section 47-7-22 – Waiver of use of common areas and facilities; abandonment of unit.
No unit owner may exempt himself from liability for his contribution toward the common expenses by waiver of the use or enjoyment of any of the common areas and facilities or by abandonment of his unit. History: 1953 Comp., § 70-4-21, enacted by Laws 1963, ch. 221, § 21; 1975, ch. 318, § 22. ANNOTATIONS […]
Section 47-7-23 – Taxation.
The association of unit owners shall elect whether: A. the entire property shall be deemed a single parcel for the purposes of assessment and taxation, in which event the association shall promptly notify the unit owners of the payment of the taxes. For purposes of assessment or valuation and taxation under this paragraph, the association […]
Section 47-7-24 – Priority of lien.
A. All sums, assessed by the association of unit owners but unpaid, for the share of the common expenses chargeable to any unit shall constitute a lien on the unit prior to all other liens except: (1) tax liens on the unit in favor of any assessing unit and special district; and (2) all sums […]
Section 47-7-25 – Joint and several liability of grantor and grantee for unpaid common expenses.
In a voluntary conveyance the grantee of a unit shall be jointly and severally liable with the grantor for all unpaid assessments against the grantor for his share of the common expenses to the time of grant or conveyance, without prejudice to the grantee’s right to recover from the grantor the amounts paid by the […]
Section 47-7-25.1 – Merger or consolidation of condominiums.
A. By agreement of the unit owners, any two or more condominiums may be merged or consolidated into a single condominium. Unless the agreement provides otherwise, the combined condominium is, for all purposes, the legal successor to the preexisting condominiums. The associations of the preexisting condominiums shall also be merged or consolidated into a single […]
Section 47-7-26 – Actions.
Without limiting the rights of any unit owner, actions may be brought by the manager or board of directors, in either case in the discretion of the board of directors, on behalf of two or more of the unit owners, as their respective interests may appear, with respect to any claim relating to the common […]