New Mexico Statutes 47-16-6. Duties of a homeowner association
A. The association shall exercise any powers conferred to the association in the community documents.
Terms Used In New Mexico Statutes 47-16-6
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
B. The association shall have a lien on a lot for any assessment levied against that lot or for fines imposed against that lot’s owner from the time the assessment or fine becomes due. If an assessment is payable in installments, the full amount of the assessment shall be a lien from the time the first installment becomes due. The association’s lien may be foreclosed in like manner as a mortgage on real estate.
C. Recording the declaration constitutes notice recorded in the office of the county clerk in the county or counties in which any part of the real property is located and perfection of the lien.
D. Upon written request by a lot owner, the association shall furnish a recordable statement setting forth the amount of unpaid assessments against the lot owner’s lot. The statement shall be furnished within ten business days after receipt of the request and is binding on the association and the board.