A New Mexico standard lease agreement is a written contract between a landlord and tenant for renting residential property. It establishes the rights and obligations of both parties, including rental amount, term length, renewal and termination options, pet policies, security deposit fee, and utility costs.
The landlord usually requests a rental application and credit report before authorizing the lease. A signed lease is legally binding, and any default could result in punitive action.
Considerations on Lease Length
- Leases can be of any length as long as the duration of the lease is clearly specified and agreed upon in writing by both the landlord and tenant. Oral leases are generally not considered valid for terms exceeding one year. (NM Stat § 47-1-1 and New Mexico Uniform Owner-Resident Relations Act)
- A written rental agreement is required for leases longer than one year, while leases shorter than one year may be oral.
- In cases of holdover, the tenancy converts to a month-to-month tenancy unless the tenant pays weekly, in which case it converts to a week-to-week tenancy.
Security Deposit
- Maximum Amount ($): One month’s rent if a lease is less than one year; no specific limit if it is more than a year. (§ 47-8-18(A))
- Returning to Tenant: Within 30 days (§ 47-8-18(C))
Rent Grace Period
There is no rent grace period for rent payments.
Landlord Resources
- Landlord-Tenant Laws – New Mexico Uniform Resident Relations Act (NM-UORRA)
- Handbook – Renter’s Guide
