Condominium and Cooperative Law in New Mexico
Cooperatives and condominium developments are examples of arrangements known 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, usually 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 major 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 Clovis, New Mexico
Numerous Clovis, New Mexico laws affect common-interest communities. However, almost all of these laws govern real estate more generally, and there are very few laws written particularly for common interest communities. Such generally-applicable laws include zoning regulations, contracts, and the relations between landlords and tenants.
Generally, the rules established by the owner of the property, or the entity tasked with managing it, are going to have much more of a day-to-day effect on your life than any state laws governing these types of communities.
The owner or manager of the property on which your unit sits will likely have a significant number of regulations concerning what can be done in and around the housing units. These rules will likely concern cleanliness, noise, and policies governing the presence of pets and long-term guests.
This authority, however, has limits. There are some rules which landowners cannot impose. Most obviously, they can't bar people from renting or buying units based on their race, religion, or national origin in Clovis, New Mexico. This conduct is illegal under state and federal law, and can result in grave civil penalties.
Can a Clovis, New Mexico Attorney Help?
If you have problems with your landlord, your homeowners association, or a neighbor, a reputable Clovis, New Mexico real estate lawyer may prove invaluable.