A New Mexico rental agreement or lease is a contract between a landlord and a tenant for the use of a rental property. This form defines the length of the lease term and the amount of rent owed each month. Additionally, New Mexico lease agreements outline the responsibilities of both the landlord and tenant(s), and the consequences of and solutions to potential problems. Lease agreements are governed by the specific landlord-tenant laws of the state.
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2. What to Include in a New Mexico Residential Lease Agreement
As a landlord in New Mexico, you’re required by Federal law to include certain details in your lease agreements. Specifically, you need to include:
- Tenant/Landlord Details: names and current addresses of both the tenant and landlord
- Premises: the address of the premises being rented
- Pets: whether pets are allowed, and any other pet-related rules
- Health Hazards: any known health hazards or risks
- Rent Specifics: the amount of rent and security deposit due, and payment dates and methods
Be aware that each state has different laws that govern the relationship between you (the landlord) and your tenant(s). It’s in your best interest to learn New Mexico’s landlord-tenant laws.
3. New Mexico Landlord and Tenant Laws
New Mexico imposes specific and distinct requirements for landlords and tenants when executing a lease or rental agreement. Some of those requirements include:
- 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 landlord must return a tenant’s security deposit within thirty days of the end of the lease. (§ 47-8-18)
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)