§ 47-7-1 Short title
§ 47-7-2 Definitions
§ 47-7-3 Application of act
§ 47-7-4 Status of the units
§ 47-7-5 Ownership of units
§ 47-7-6 Common areas and facilities
§ 47-7-7 Compliance with covenants; bylaws; administrative provisions
§ 47-7-8 Certain work prohibited
§ 47-7-9 Liens against units; removal from lien; effect of part payment
§ 47-7-10 Common profits and expenses
§ 47-7-11 Contents of declaration
§ 47-7-12 Declaration; apportionment of interest
§ 47-7-13 Contents of deeds of units
§ 47-7-14 Copy of the floor plans to be filed
§ 47-7-15 Blanket encumbrances affecting a unit at time of first conveyance
§ 47-7-16 Recording
§ 47-7-17 Removal from provisions of the Building Unit Ownership
§ 47-7-18 Removal no bar to subsequent resubmission
§ 47-7-19 Bylaws
§ 47-7-20 Contents of bylaws
§ 47-7-21 Books of receipts and expenditures; availability for examination
§ 47-7-22 Waiver of use of common areas and facilities;
§ 47-7-23 Taxation
§ 47-7-24 Priority of lien
§ 47-7-25 Joint and several liability of grantor and grantee for unpaid common expenses
§ 47-7-25.1 Merger or consolidation of condominiums
§ 47-7-26 Actions
§ 47-7-27 Personal application
§ 47-7-28 Insurance
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Terms Used In New Mexico Statutes > Chapter 47 > Article 7 - Building Unit Ownership

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • 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.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Grantor: The person who establishes a trust and places property into it.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • 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.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Service of process: The service of writs or summonses to the appropriate party.
  • Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
  • Trustee: A person or institution holding and administering property in trust.