NEW MEXICO – Homeowners’ associations face rules changes
Many New Mexicans only get involved in their homeowners’ association by attending the annual potluck picnic and membership meeting, where the biggest issue is why the single tray of enchiladas is gone long before the overcooked hotdogs. That’s all going to change this summer.
Under a new law, all homeowners’ associations in New Mexico will be required to file a public notice and detailed disclosure statement each time a property is sold. What’s more, if the homeowners’ association fails to comply with these requirements, it could subject individual board members to civil liability.
Since statehood, homeowners’ associations were largely unregulated organizations governed by private contracts of recorded covenants, declarations and deeds. Thus, homeowners’ associations could pretty much create their own rules and regulations, sometimes called restrictive covenants. Read more: