The New Mexico rental lease agreements are designed to bind a property owner and lessee to an arrangement where the lessee pays the owner for the use of their residential or commercial space. Determining which type of lease to use will be based on the requirements of both the landlord and tenant. The most popular contracts are the standard one (1) year residential lease (fixed-term) and the month-to-month agreement (which can be terminated more easily by either the landlord or tenant). No matter what type of document is chosen, the landlord should screen all potential tenants with the rental application before signing a binding agreement.
New Mexico Rental Lease Agreement Templates | PDF
New Mexico Lease Agreements
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The New Mexico standard residential lease agreement is a rental contract wherein a landlord and tenant come to terms regarding the exchange of livable space for monthly payments. The agreement is a fixed-term contract that will last for a term of one (1) year once it has been signed by the parties. The landlord will typically ask for the tenant’s personal, financial, and background information through the rental application to see if they approve of the potential lessee’s character. If…
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A New Mexico three (3) day notice to quit for the nonpayment of rent is given to a lessee who has fallen behind on their rent payments. The form indicates that the tenant has three (3) days to either pay the amount due or leave the premises. If the tenant does not leave the premises after the time period presented, they may face legal action through an official eviction. The tenant may rectify the matter by simply paying the full…
The New Mexico rental application allows a landlord to review a potential tenant’s credit, background, and employment history to see if they are viable for a lease agreement. The landlord should request any previous lessors of the tenant as references to see how they paid (on-time, late, etc.) and if they left the premises in good condition upon vacating. After approving the tenant for a lease, the landlord should draft an agreement and demand a security deposit. According to §…
The New Mexico month-to-month lease agreement is used by a landlord and tenant seeking an arrangement where the tenant occupies a residential space on a monthly basis with no end date to the contract. This type of contract is a more relaxed type of tenancy as both parties are not bound to a specific time frame, and either party may cancel the agreement by providing at least thirty (30) days’ notice to the another. The landlord should understand that they…
A New Mexico commercial lease agreement allows an individual or entity to occupy space or real property from an owner/manager for a designated period of time in exchange for monthly rent. The landlord and tenant should first agree verbally to the main factors of the lease (i.e., monthly amount, who is responsible for utilities, renewal periods (if any), increases in rent, etc.). After all the main points are mutually understood, it is best to move to a written agreement through…
The New Mexico sublease agreement is used by tenants who are currently under a binding agreement with a landlord to re-rent the same space, either a portion or the entire premises, to another individual. The original tenant, or sublessor, must have permission in their original lease that states their right to sublet the property. If there is no statement, or if it is not allowed, they must get a written signature from the manager or landlord to indicate their consent…
STATE DISCLOSURES
Identification (§ 47-8-19) – The lease must identify the individuals who are allowed on the premises in addition to any official managers.
Lead-Based Paint – Only required if the residential dwelling was built before 1978.
If a tenant has questions about their responsibilities, they should review the Renter’s Guide.
SECURITY DEPOSITS
Maximum (§ 47-8-18) – The landlord may only charge up to one (1) month’s rent if the tenancy lasts less than one (1) year. For leases lasting one (1) year or longer, the landlord may elect to charge any amount they wish. In these cases, however, if the landlord demands an amount greater than one (1) month’s rent, the interest must be paid to the tenant per § 47-8-18(A)(1).
Returning (§ 47-8-18(C)) – The landlord has up to thirty (30) days to return the funds to the tenant once they have moved out of the premises.
LANDLORD’S ACCESS/ENTRY
If the property owner or manager would like to get inside the premises for a repair or maintenance, they must give at least twenty-four (24) hours’ notice to the tenant (§ 47-8-24(A)(1)).