The New Mexico rent-to-own lease agreement (also referred to as a “lease with an option to buy”) is essentially self-explained within its title, as tenants taking part in the contract will have the right to purchase the residence specified in the document for the length of time devised by both parties. You may view it as a sort of a mix between a rental contract and a purchase agreement. The rental aspects would consist of what the rent payments/damage deposit will be, how long the tenancy will remain active, and what utility costs each party is responsible to cover. While the purchase portion of the form will include the selling price of the property (should the tenant decide to acquire the home), the sum of any deposit made for the consideration, and the amount of time required for the “notice to exercise the option”. Upon establishing these terms of the contract, the participating parties should transcribe them to the document and sign within the corresponding areas.