Property Ownership
In New Mexico, a 'declaration of condominium' (master deed) must be recorded to:
ASell the individual units
BLegally establish the condominium regime, defining individual units and common elements✓ Correct
CSet the HOA monthly fees
DObtain building permits
Explanation
A declaration of condominium (master deed) is the foundational document that legally creates the condominium ownership structure—defining unit boundaries, common elements, and the rights/obligations of unit owners.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
EasementA non-possessory right to use another person's land for a specific purpose.
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