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§ 47-7-12 NMSA 1978

Declaration; apportionment of interest

Known as the Building Unit Ownership Act

The act spans §§ 47–47 (29 sections).

1953 Comp., § 70-4-11.1, enacted by Laws 1975, ch. 318, § 12.

The declaration shall specify a method by which the interest attributable to each unit shall be apportioned. The apportionment may be based upon:

A. the square or cubic footage in the unit as a percentage of the square or cubic footage in all of the units;

B. the value, as that term is defined in the declaration, of the unit as a percentage of the value of all of the units; or

C. the unit itself as a percentage of all of the units in the property. The percentage interest shall change if additional units are added after the filing of the declaration.

Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.