Leasehold condominiums
- Statute:
- New Mexico §47-7B-6 · Article CONDO (New Mexico Condominium Act (NMSA 47-7A-1 to 47-7D-20))
- Topic:
- Ownership · Leasehold
- Applies to:
- Condo associations
For a leasehold condominium the declaration must state the lease recording data or attach the lease, the expiration date, a legal description, and whether unit owners may redeem the reversion, remove improvements, or renew — or a statement that they may not. Acquiring a unit owner's leasehold by the reversion owner does not merge the interests. If lease expiration drops units, allocated interests reallocate as if by eminent domain.
📄 Read the official text at nmonesource.com →
How SoShiny helps with Leasehold condominiums
SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees.
See the feature → Start freeFrequently asked
- What does New Mexico §47-7B-6 require?
- For a leasehold condominium the declaration must state the lease recording data or attach the lease, the expiration date, a legal description, and whether unit owners may redeem the reversion, remove improvements, or renew — or a statement that they may not. Acquiring a unit owner's leasehold by the reversion owner does not merge the interests. If lease expiration drops units, allocated interests reallocate as if by eminent domain.
- Who does New Mexico §47-7B-6 apply to?
- New Mexico §47-7B-6 applies to Condo associations in New Mexico.
- What happens if our condo doesn't comply with §47-7B-6?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for New Mexico community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of New Mexico §47-7B-6?
- The official text is published by the New Mexico Legislature at nmonesource.com. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Leasehold condominiums?
- SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees. Learn more →
Not legal advice. This page is a plain-English summary of New Mexico §47-7B-6 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a New Mexico-licensed attorney. For the official statutory text, see the link above.
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