The New Mexico lease agreement delegates the registration of the information regarding a real estate lease transaction to a physical document. The completion of the form allows for an individual to be permitted to use the property for an earmarked duration and price. Negotiation of the terms can be modified if both the tenant and owner come to a mutual understanding and execute a lease to that effect.
Lease Agreements By Type
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.
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.
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.
Roommate Agreement – Interprets a designated guarantee to rent a private and shared section of a property for an outlined period and pricing arrangement.
Sublease Agreement – Reiterates the pact to lease a dwelling from one party currently renting to another individual or sublessee.
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).
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).
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).
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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