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Lease Agreements By Type
Association of Realtors Version – The Realtors Association of New Mexico have formulated their own draft of the residential lease that can be applied to rental properties within the state.
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Commercial Lease Agreement – Performs the documentation of the intricacies of a legal accord authorizing the use of commercial space for a time period contingent on monthly compensation.
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Lease to Own Agreement – Enacts an accord to rent a home for a specific amount of time and price with an extended offer to buy the home upon lease completion.
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Month-to-Month Lease – Creates an expressed promise to rent a property for an apportioned length of time with the option to conclude early with thirty (30) days notification by the requesting party.
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Roommate Agreement – Interprets a designated guarantee to rent a private and shared section of a property for an outlined period and pricing arrangement.
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Standard Lease Agreement
– A model contract utilized for the purpose of securing the right of use of a residence in exchange for a monthly monetary sum.
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Sublease Agreement – Reiterates the pact to lease a dwelling from one party currently renting to another individual or sublessee.
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Additional Forms
Broker Duties Disclosure (Form 1401) – Brokers involved in the leasing of rental property should provide this document to the party/parties they represent to inform them of the duties they must uphold during the course of their relationship.
General Addendum (Form 2300) – Can be added to the lease agreement to establish additional terms regarding the tenancy.
Property Management Agreement (Form 6102) – Landlords/Owners looking to have their property managed by a secondary party should use this form to set up the terms of the relationship.
Landlord-Tenant Laws
For questions surrounding real estate leasing relationships and approach to proper conduct, survey the New Mexico Renter’s Guide – a Handbook for Tenants and Landlords.
Required Landlord Disclosures
Identification of the Landlord or Authorized Agents (§ 47-8-19) – The name, address, and contact information for the owner of a property are compelled to be furnished for the tenant. The same information is required to be supplied by those authorized to manage the residence. Should any of the information changed during the tenancy, the occupant must be updated appropriately.
Lead-Based Paint (42 U.S. Code § 4852d) – Properties built before 1979 are held to the standard of providing informative materials on lead-based paint and its effects on human health.
When is Rent Late?
Ordinarily, the rent is expected to be paid on or before the date determined by the lease agreement language. The state legislature does not cover any indicated time period that is allowable for payments to be received after the due date (§ 47-8-15).
Late Fees
A late fee can be demanded if it is included in the content of the executed leasing contract. The amount that can be imposed cannot exceed 10% of the monthly rental payment. For the fee to be enforced upon a tenant, the landlord must inform of default by the last day of the following month (§ 47-8-15).
NSF Checks
Should the check issued for a rental payment be returned on account of insufficient funds, a fee of up to $25 can be charged, according to the New Mexico Regulation and Licensing Department. The amount charged must be listed in the leasing documentation to be effectively obligatory for the tenant to pay.
Security Deposit Maximum
The amount an owner can lawfully demand as security for a property lease lasting under a year is one month’s rent or lesser. For those rental arrangements agreed to a year or longer, any sum deemed as “reasonable” will be authorized under state statutes (§ 47-8-18).
Security Deposit Return
Once either the finalization of the lease has commenced, or the occupant moved out (whichever comes later), thirty (30) days will be permitted for the landlord to reimburse the security amount to the tenant. Should the apartment show signs of defect or necessary repair, an accounting of damages is required to be furnished for the tenant. The list must be submitted with deposit minus any costs or unpaid rent to be remitted within the same thirty (30) day period (§ 47-8-18).
Landlord’s Entry
The owner or authorized management can attain access to the property with written notice with a minimum of twenty-four hours prior to entering. Should a tenant request repair, entry is allowable within seven (7) days of lessor petition during reasonable times of day (§ 47-8-24).
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