New Mexico Month-to-Month Lease Agreement
The New Mexico month to month lease agreement is a document that is utilized by a landlord and tenant looking for an arrangement where one may occupy space for a period of time without an end date. This is a more relaxed way of conducting tenancy as both parties are not bound to a specific time-frame and either may cancel the agreement with at least thirty (30) days’ notice from one another (Statute 47-8-37).
The landlord should understand that they will be subject to the same eviction laws if the tenant does not pay rent or violates any part of the lease. Therefore, a Security Deposit should be required at the time of lease signing, with a maximum of one (1) month’s rent (Statute 47-8-18), and should require the tenant to authorize the rental application. The landlord should then review their credentials and see if their fit for a binding month to month rental contract.