New Mexico Commercial Lease Agreement Template
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 this contract. After both parties have signed, the tenant may move in and occupy the premises for the specified term.
Before authorizing an agreement, the landlord should keep in mind that they will probably have a substantial investment in the property due to fitting up the rental space for the tenant. Therefore, the property owner should take precautions by first having the applicant complete a rental application to view their background, such as their previous tax filings and current operating status with the Secretary of State’s Office.