§ 47-7B-1 Creation of condominium
§ 47-7B-2 Unit boundaries
§ 47-7B-3 Construction and validity of declaration and bylaws
§ 47-7B-4 Description of units
§ 47-7B-5 Contents of declaration
§ 47-7B-6 Leasehold condominiums
§ 47-7B-7 Allocation of common element interests; votes; common expense liabilities
§ 47-7B-8 Limited common elements
§ 47-7B-9 Plats and plans
§ 47-7B-10 Exercise of development rights
§ 47-7B-11 Alterations of units
§ 47-7B-12 Relocation of boundaries between adjoining units
§ 47-7B-13 Subdivision of units
§ 47-7B-14 Easement for encroachments
§ 47-7B-15 Use for sales purposes
§ 47-7B-16 Easement rights
§ 47-7B-17 Amendment of declaration
§ 47-7B-18 Termination of condominium
§ 47-7B-19 Rights of secured lenders
§ 47-7B-20 Master associations
§ 47-7B-21 Merger or consolidation of condominiums
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Terms Used In New Mexico Statutes > Chapter 47 > Article 7B - Condominium Act - Creation, Alteration and

  • 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.
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • 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.
  • 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.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
  • Trustee: A person or institution holding and administering property in trust.