Condominium and Cooperative Law in New Mexico

Cooperatives and condominium developments are examples of arrangements recognized 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, normally 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.

There are no physical features distinct to either one, which can be used to distinguish them. Rather, the difference lies in the legal arrangement that covers the relationships between the residents and managers. In condominium communities, the residents own the units they live in, and collectively own the land and buildings in which they are located. In a cooperative community, the units are rented, and are owned by a single entity.

Laws and Regulations Concerning Common Interest Communities in Raton, New Mexico

There are various laws in Raton, New Mexico that might be applicable to common interest communities. But most of these laws are not unique to common-interest communities. Rather, they usually concern zoning, land use, and contract law, which are applicable to most other types of real estate, as well.

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 land that common interest communities occupy is normally private property. Therefore, the owners of the property are free to make certain rules governing what is and isn't allowed on it. A good manager or owner will normally make every effort to strike a balance between residents' freedom to do what they want in their homes, and the rights of their neighbors to a safe, clean, and reasonably quiet living space.

Some of these rules, however, may not be enforceable, if push came to shove. This would depend on the particular laws of Raton, New Mexico which control landlords and tenants.

Can a Raton, 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 accomplished real estate attorney in Raton, New Mexico will be able to help.