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New Mexico Rental Lease Agreements | Residential & Commercial

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The New Mexico rental agreements are legal contracts that are negotiated between a landlord and tenant for the use of residential and commercial property. The terms such as the rent and term should be discussed prior to writing a form and once the parties have come to a verbal agreement the landlord should verify the tenant’s credentials and a lease should be drafted. At the time of lease signing the tenant should bring with them a check for the security deposit (along with any pro-rated or 1st month’s rent) and access to the premises should be provided by the landlord.

Laws – Section 47-8-1 through 47-8-52 (Use the Renter’s Guide as a reference)

Rental Application – Landlord is advised to use this form in order to verify that the tenant is able to afford the monthly payment.

Agreements

Association of Realtors – Created by the Realtors Association of New Mexico for the tenancy between a lessor and lessee.

Commercial Lease Agreement – For the use of an office, industrial, or retail use.

Lease with Option to Purchase (Lease to Own) Agreement – Standard rental form that allows the tenant to buy the property for an agreed upon price.

Month to Month Lease Agreement – Referred to as a ‘Tenancy at Will’ that does not have and ending period and goes on until one of the parties gives at least thirty (30) days’ notice (according to § 47-8-37).

Room Rental (Roommate) Agreement – Between the members of a single residential dwelling in order to establish rules between each other.

Standard Residential Lease Agreement – The most common type which is a fixed term usually lasting one (1) year.

Sublease Agreement – A tenant who decides to rent their space for the remaining term of their residential contract.

Termination Lease Letter – Cancels a month to month by giving this notice to either the landlord or tenant within at least thirty (30) from the date they wish to terminate.

Disclosures

Identity (§ 47-8-19) – Landlord must inform tenant of all individuals allowed to access the property and an address for official notice.

Lead-Based Paint – Only required if the residence was built before 1978 per federal law.

Access

The landlord, under § 47-8-24, has the right to enter the property for any maintenance or inspection reason within twenty-four (24) hours of giving notice to the tenant.

Security Deposits

Maximum (§ 47-8-24) – The landlord may charge up to one (1) month’s rent for tenancies lasting a year or less. If more than a year the landlord can request as much as desired but if it is more than one (1) month’s rent interest must be paid according to Statute 47-8-24.

Returning (§ 47-8-24) – The landlord must pay back the tenant within thirty (30) days of the termination date.


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