Property Ownership
In New Mexico, 'condominium conversion' occurs when:
AA condo is converted to a rental property
BAn existing apartment building or other multi-unit property is converted to individual condominium ownership by recording a condo declaration and plat✓ Correct
CCondos are rezoned to single-family
DA condo changes from residential to commercial use
Explanation
Condo conversion transforms rental apartments or other existing buildings into individually owned condominium units. New Mexico requires recording a Declaration of Condominium and a condominium plat, and provides specific protections for existing tenants during conversion.
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