Condominium and Cooperative Law in New Mexico
Cooperatives and condominium developments are examples of arrangements identified as "common interest communities."
These are residential areas with one or more buildings, each housing multiple residential units. The units are part of a larger building, which contains other residential units. In turn, there are several such buildings on the property. The units are rented or owned by the residents, but the building as a whole, and the land on which it sits, is owned either by a third party, or collectively by all the residents. The residents, in addition to mortgage or rent, typically have to pay a fee to cover maintenance of the common areas.
Just looking at the physical structure of a condominium or cooperative community, it would be nearly impossible to tell which is which.
This is because there are no physical characteristics that can precisely distinguish one from the other. The general difference lies in the legal ownership arrangement. In a condominium community, the units are actually owned by the residents. The residents also collectively own the common areas, holding joint title to it. In a cooperative community, the buildings and land which make up the houses are owned by a single entity, and the individual units are often rented rather than owned by the residents.
Laws and Regulations Concerning Common Interest Communities in Bosque Farms, New Mexico
There are a huge number of laws in Bosque Farms, New Mexico that can affect condominiums and cooperatives, but few, if any, of them are unique to such common-interest communities. Alternatively, they're mostly governed by laws of general application, covering zoning, contracts, and landlord/tenant relations.
One's daily life in a cooperative or condominium community is more likely to be affected by the rules set by the owners or managers of the property, rather than the regulations of your state or city.
The manager or owner of the land on which your residence is located will likely have a lot of rules concerning what can and cannot be done in and near the houses. These rules typically mandate cleanliness, keeping noise to a minimum, and regulate the presence of pets.
Some rules set by property owners or managers may not be enforceable, however. For instance, in Bosque Farms, New Mexico, any rule which purports to exclude residents based on race, color, national origin, or religion will not be legitimate. There are likely some others, as well.
Can a Bosque Farms, New Mexico Attorney Help?
If you have a problem with your landlord, your community association, or a neighbor (which the landlord is unwilling or unable to address), an efficient real estate attorney in Bosque Farms, New Mexico will be able to help.