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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.

Table of Contents

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 ).

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 () – 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 , 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 () – 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 ) – The landlord must pay back the tenant within thirty (30) days of the termination date.



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