Statutes > New Mexico Statutes > Chapter 47 - Property Law. > Article 7 - Building Unit Ownership, 47-7-1 through 47-7-28. > Section 47-7-12 - Declaration; apportionment of interest.

Section 47-7-12 - Declaration; apportionment of interest.

47-7-12. Declaration; apportionment of interest.

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.