Legal Question in Real Estate Law in New Mexico
Commercial Condominium Question
I own a commercial condo medical clinic in the middle building of our 3 building complex. I am the only one in the complex so far. The owners wish to sell one building, which is next to us, because times are tough, and it would be to a school, basically a Computer School affiliated with a local high school and they cannot by law join the condo association. So they would be able to opt out of joining the condo association, leaving us right next to these guys, their students and no ability to control the parking/ property right next to us. I am concerned that their students will overflow onto our property, because parking is somewhat limited, that they could let their property go, less well maintained, plants dying etc. The complex is new and lovely and I bought to the tune of 500,000 and so want to protect my investment. They wish me to sign an agreement to let the building go. What should I do?
1 Answer from Attorneys
Re: Commercial Condominium Question
I would certainly refuse to sign at this point. Is there not an agreement somewhere which requires building owners to belong to the condo association? And what law says a private computer school under contract with a public high school cannot belong to the association? Seems to me there is documentation which should be legally reviewed. Also, if everything you say is true, why cannot the computer school be required to sign a separate agreement as a condition of ownership which holds them to the maintenance and control standards that everyone else is held to? I recommend you consult legal counsel for a full-blown evaluation of your situation. You have a substantial investment at risk.
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