The New Mexico Homeowners' Association Act made significant changes for both newly created and existing homeowners' associations and applies to all homeowners' associations in the state.
Before the Act was law, New Mexico homeowners' associations largely were unregulated organizations governed by private contracts. The associations' rules and regulations were set forth in recorded covenants, declarations and deeds, but there were no statutes or state regulations governing them. Therefore, associations could pretty much create their own rules and regulations, which new owners were responsible to learn by reviewing their real estate records. If owners had disputes relating to those rules and regulations, civil lawsuits were their principal remedy.
The two Major Changes include: 1) a disclosure certificate and 2) the Association must record a Notice of Homeowners' Association document with the county clerk.
For a consultation as to the full impact of the changes in the law for your homeowners association and what needs to be done, schedule an appointment with YOUR Taos Attorney by clicking on the contact link above.