New Mexico Statutes 47-7-2. Definitions
As used in the Building Unit Ownership Act:
Terms Used In New Mexico Statutes 47-7-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Trustee: A person or institution holding and administering property in trust.
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 highway or to a common area leading to a public street or highway;
B. “unit owner” means the person or persons owning a unit in fee simple absolute and undivided interest in the fee simple or leasehold estate of the common areas and facilities in the percentage established by the declaration;
C. “association of unit owners” means all of the unit owners acting as a group in accordance with the bylaws and declarations;
D. “blanket encumbrance” means a trust deed, mortgage or any other lien or encumbrance, including mechanics’ liens, securing or evidencing the payment of money or the furnishing of services or materials and affecting the entire property or affecting more than one unit but does not include taxes and assessments levied by a public authority;
E. “building” means a building or group of buildings having a total of two or more units and comprising a part of the property;
F. “common areas and facilities,” unless otherwise provided in the declaration, includes:
(1) the land on which the building is located;
(2) the foundations, columns, girders, beams, supports, main walls, roofs, halls, corridors, lobbies, stairs, stairways, fire escapes and entrances and exits of the building;
(3) the basements, yards, gardens, parking areas and storage spaces; (4) the premises for the lodging of persons in charge of the property;
(5) installations of central services including power, light, gas, water, heating, refrigeration, air conditioning and incinerating;
(6) the elevators, tanks, pumps, motors, fans, compressors, ducts and all apparatus and installations existing for common use;
(7) the community and commercial facilities provided in the declaration; and
(8) all other parts of the property necessarily in common use or convenient to its existence, maintenance and safety;
G. “common expenses” includes:
(1) all sums lawfully assessed against the unit owners by the association of unit owners;
(2) expenses of administration, maintenance, repair or replacement of the common areas and facilities; and
(3) expenses declared common expenses;
H. “common profits” means the balance of income, rents, profits and revenues from the common areas and facilities remaining after the deduction of common expenses;
I. “declaration” means the instrument by which the property is submitted to the provisions of the Building Unit Ownership Act and its lawful amendments;
J. “limited common areas and facilities” means common areas and facilities designated in the declaration as reserved for use of certain units to the exclusion of the others;
K. “majority” or “majority of unit owners” means the majority of voting unit owners; L. “person” means individual, corporation, partnership, combination, association, trustee or other legal entity;
M. “property” means the land, the building, improvements and structures owned in fee simple absolute or long term ground lease, all easements, servitude, rights and appurtenances belonging thereto, and all chattels intended for use in connection therewith, which have been or are intended to be submitted to the provisions of the Building Unit Ownership Act; and
N. “condominium” means any property which is submitted to the provisions of the Building Unit Ownership Act.