A New Mexico lease agreement is a contract between a landlord and a tenant to use a rental property. This form defines the lease term’s length, the rent amount the tenant owes each month, guidelines on the presence of pets, the property’s address, and the landlord and tenant parties.
By Type (6)
Standard Lease Agreement
Outlines the terms and conditions for renting a residential property by a tenant from a landlord.
Commercial Lease Agreement
Lets a landlord rent a commercial property to a business, allowing the business to conduct its operations there.
Rent-to-Own Lease Agreement
Allows a tenant to purchase the property they're leasing from a landlord at a later date.
Sublease Agreement
A tenant can rent out their property to another person while still being accountable to the original landlord.
Room Rental Agreement
Define rules and financial commitments while renting individual rooms within a shared dwelling.
Laws
Overview
Rent Control: No
Limit on Late Fees: Yes
Late Fees in Rental Agreement: Yes
Grace Period: No
License Required for Landlord: No
Required Lease Disclosures
Landlords in New Mexico can familiarize themselves with two main lease disclosures:
- Lead paint disclosure: A landlord must warn a tenant that they may experience exposure to lead-based paint if they’re renting a house that was constructed before 1978 (42 U.S. Code § 4852d).
- Owner identity disclosure: A landlord must specify who’s allowed to access the premises and record an address for official notices (N.M. Stat. § 47-8-19).
Security Deposit
If the lease term is less than one year, a landlord may request up to one month’s rent for a security deposit. If the lease term is more than one year, there is no limit on how much a landlord can request (§ 47-8-18(A)). Note that if the landlord charges the tenant more than one month’s rent, they must pay interest to the tenant.
A landlord must return a tenant’s security deposit within thirty days of the end of the lease (§ 47-8-18(C)).
Landlord Right of Entry
A landlord must provide at least one day’s advance notice to a tenant before entering the rental property (§ 47-8-24).
Small Claims Court
A tenant can sue a landlord for no more than $10,000 in small claims court (§ 35-3-3). This process can allow a tenant to receive an unreturned security deposit back that’s rightfully theirs.
Sample
Download our New Mexico lease agreement template as a PDF or Word file so you can create your terms for a tenant’s occupancy:
