New Mexico Lease to Own Agreement

The New Mexico Lease to Own Agreement, also called a “Rent to Own” or “Option to Purchase” agreement, establishes in writing a set of rules and protections agreed-upon between a party who is looking to first rent and then later purchase a home, as well as the owner of the residential property. The contract contains several important clauses, some of which include a description of the property, the sale price of the home, who is responsible for maintenance and utilities, and many more.

NM Rental-Purchase Agreement Act – §§ 57-26-1 to 57-26-12

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