New Mexico Laws
Requirement to Record: If the lease plus any renewals exceeds 5 years, it must be recorded.[1] Although shorter leases are not legally required to be recorded, they may be, in order to establish constructive notice.[2]
Expiration: Constructive notice does not expire by statute.[3]
Maximum Term: New Mexico law does not explicitly set a maximum term for a lease with an option to purchase.
No Duration: If the lease does not define the duration of the option to purchase, the option expires when the lease ends.
Signing Requirements: Must be signed by the seller.[4]
Required Disclosures (2)
1. Identity – The tenant must receive the names and addresses of the landlord and all other persons authorized to enter the premises.[5]
2. Lead-Based Paint Disclosure & EPA Pamphlet – If the property was built before 1978, tenants must be made aware that lead-based paint could be in the walls or ceiling.
Seller’s Disclosures (2)
1. Seller’s Property Disclosure Statement (conditional) – If the property is listed with a broker, there is a requirement that any known material defects on the property must be disclosed.[6]
2. Estimated Property Tax Levy Disclosure (required) – This form must be completed and signed by the local county assessor to be shared with the buyer.[7]