A condominium association is an association of unit owners in a condominium building. The association elects a board of directors, which handles the maintenance and repair of common areas, disputes among unit owners, and enforcement of rules and regulations, and condominium fees. The rules and regulations are normally adopted by the board of directors of the association.
New Mexico Rules and Regulations of an Association of Owners of a Condominium Association
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FAQ
Because New Mexico is not a super lien state, a bank foreclosure will take priority over a community association's lien and does not require the lender to provide any compensation to the association for unpaid assessments.
In Texas, all homeowners' associations are governed by the Texas Residential Property Owners Protection Act. This document lists out all the rules and regulations that all HOAs must follow.
These rules are enforced by the condo association or a homeowner's association. Their primary goal is to oversee the maintenance and management of the common areas of your building, and to establish the accepted behaviors within the complex.
If you fail to pay your HOA or COA assessments in New Mexico, the association can get a lien on your property and might foreclose on your home.
For Homeowners Associations The New Mexico Homeowners Association Act regulates the creation, authority, operation, and management of homeowners associations in the state.
Even if a community has a valid reason to restrict short-term rentals, it still needs legal and/or contractual authority to support the restriction. Typically, the authority comes from an HOA's declaration, from state law, or a combination of the two.