New Mexico rental/lease agreements

 You can create a contract for liveable accommodation and business space between a lessor and a lessee using the New Mexico lease agreements available on this page. A lessor usually requests an income report on the potential lessee using a rental application that allows the landlord to ascertain their employment status and background information. At the point of approval, the lessee may be required to pay a security deposit, one month’s rent, and other fees that may be required. Once the contract is signed by both parties, it becomes legally binding. 

New Mexico rental/lease agreement templates

New Mexico rental/lease agreements

There are 6 basic types of New Mexico lease agreements:

Commercial Rental Lease Agreement– Used for creating rental contracts for spaces intended for business use. These aren’t as common as residential leases and have much higher demands on the tenants. There are also fewer protections for the tenants and it may need to be guaranteed personally depending on the age of the business.

Monthly Rental lease Agreement (§ 47-8-37) – For occupancy by a lessee that can be canceled at any time with a minimum of thirty days’ notice by either party.

Rent-to-Own Rental Agreement – A typical residential lease that allows the occupant to acquire the premises at agreed-upon terms with the property owner. 

Roommate Lease Agreement  – This is a type of lease agreement used to create an agreement between the members of a shared housing arrangement. It governs their behavior and their responsibilities to each other. 

Standard Residential Rental Contract – This is one of the most common types of lease agreements and it usually has a fixed start and end date. There are many more protections for the tenant when compared to a commercial lease but it can still be terminated if the terms are violated. 

Sublease Agreement – The decision of a lessee with a valid residential contract with a landlord to re-rent their space to a new tenant (subtenant) to bear the responsibility on the premises for the rest of the term. This lease type comes in two options; a commercial sublease and a residential sublease.

Two disclosure requirements

Identity (§ 47-8-19) – A property is required to furnish lessees with information on persons allowed entry into the premises and their address for legal causes. 

Lead-Based Paint Information – Owners of residences built before 1978 must inform their tenants of the presence of harmful lead-based paint if any is present in the building as mandated by federal law.

Access to property

The lessor may access the premises for any repair works or tour of the building and is required to provide prior notice of twenty-four hours to this effect under § 47-8-24.

Money deposited as security

Maximum (§ 47-8-18) – The property owner may charge up to one month’s rent for rentals that run for a maximum of one year. For leases that run for more than one year, the lessor may demand as they deem necessary but if more than one month’s rent, it attracts interest according to Section 47-8-18.

Returning(§ 47-8-18) – The lessor is required to return the funds within thirty days of a tenant vacating the property.

Download our free New Mexico rental/lease agreement in an instant to create a legally binding document.

Download our free New Mexico rental/lease agreement in an instant to create a legally binding document.

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