New Mexico Rental Lease Agreements
The New Mexico Rental Lease Agreements are contracts that state stipulations a landlord and tenant have agreed to be legally accountable for. Each contract may vary in the scope and detail given, however, it is advisable that key areas such as the payment of rent, utilities and services, repairs, and evictions are covered.
Both parties should be mindful that while a written rental agreement is only required for lease terms of over one (1) year, creating a written lease will encourage greater accountability and cooperation between both parties.
What is a New Mexico Lease Agreement?
A New Mexico Lease Agreement is a legal document concerning the rental of a residential dwelling in the state of New Mexico. It is entered into by a landlord and tenant who each hold respective responsibilities and rights governed by landlord-tenant laws. So that a landlord may select the most suitable tenant for their rental property, they should make it necessary for prospective tenants to complete a rental application.
State Definition (§ 47-8-3(P)) – “means all agreements between an owner and resident and valid rules and regulations adopted under Section 47-8-23 NMSA 1978 embodying the terms and conditions concerning the use and occupancy of a dwelling unit or premises.”
Types of Agreements
College Roommate Agreement – By clarifying living arrangements in a shared dorm room, this agreement reduces the chances of conflict between roommates.
Commercial Lease Agreement – A document exclusively used to establish the terms of leases involving a commercial property.
Lease to Own Agreement – Also referred to as an Option to Own Agreement, this contract grants the tenant the option to purchase their rental property, should they choose to.
Month-to-Month Lease – Outlines legal guidelines for a tenancy that lasts for 30 days at a time.
Roommate Agreement – Roommates who wish to make expectations and rules of conduct in their shared house clear are advised to work together to create this agreement.
Standard Residential Lease Agreement – A rental agreement that follows New Mexico landlord-tenant laws.
Sublease Agreement – A contract that establishes a legally-binding relationship as well as subsequent rights and responsibilities between subtenant and a sublandlord.
When is Rent Due?
In line with § 47-8-15(B), rent is due in accordance with the rental agreement. In New Mexico, there are no grace period laws. By implication, should the landlord wish to charge a late fee when rent is paid late, they are within their rights to do so.
Emergency (§ 47-8-24(B)): In emergency cases, landlords may enter the rental dwelling without consent from the tenant.
Non-Emergency (§ 47-8-24(A)): In order to enter the rental property in non-emergency cases, a landlord must provide the tenant with twenty-four (24) hours written notification. The written notification should detail their intent to enter, the purpose of entry, the date, and a reasonable estimate of the time frame of the entry.
- Lead Paint Disclosure: Landlords who are aware of any lead based hazards in a rental property constructed before 1978 must inform the tenant of them, if any. In addition, they must supply tenants with the pamphlet, Protect Your Family From Lead in Your Home.
- Names and Addresses (§ 47-8-19): The names, addresses, and phone numbers of the landlord and anyone authorized to act on their behalf must be disclosed in writing at or before the commencement of the lease.
Security Deposit Laws
Maximum (§ 47-8-18): The landlord may only ask tenants for a “reasonable” deposit. This is not further defined for lease agreements longer than one (1) year. However, for lease agreements less than one (1) year, the maximum deposit is capped at one (1) month’s rent.
If the deposit the landlord demands is greater than one (1) month’s rent, the landlord must also pay the tenant an interest equal to “passbook interest permitted to savings and loan associations in this state by the federal home loan bank board on such deposit.”
Returning to Tenant(§ 47-8-18(C)): The security must be returned within thirty (30) days of the date of termination of the rental agreement, or resident departure, whichever is later.