The Most Commonly Used New Mexico Lease Agreement
The most commonly used New Mexico lease agreements include a standard residential lease agreement that’s usually for a term of one year, a month-to-month residential lease agreement, a roommate agreement, a subleasing agreement, and a commercial lease agreement.
How to Write a Standard New Mexico Lease Agreement
To write a standard New Mexico lease agreement, you need the following information:
- The name of the landlord and the name of the tenant
- The address of the leased premises. Don’t forget to add the city, state, and zip code
- The names of all tenants and all occupants. Tenants sign the lease. Occupants do not sign the lease although they are allowed to live on the property with the tenants
- The street address (with the city, state, and zip code) should also be listed in the Offer to Rent. You should list the type of residence (such as an apartment)
- The Offer to Rent should include the number of bedrooms and bathrooms
- A section called Furnishings should explain whether the landlord is providing any furniture or if the unit is unfurnished
- Whether appliances are provided by the landlord
- A section called Lease Term should explain the date the lease begins, when it ends, and the total length of time it will be in effect.
- Create a section called Rent. List the amount of money that the tenant will pay every month to lease the unit, the date the rent is due, and how the rent payment may be made
- Inform the tenant if there will be a NSF fee as well as the amount of the fee
- Inform the tenant of any late fee and when the late fee will be applied after rent goes unpaid
- List the amount paid for first month’s rent and when it will be paid
- If the tenant is prepaying, that should be listed
- If the tenant is paying a prorated portion, that amount should be listed as well as when the tenant may take possession of the premises
- Document the amount paid as a security deposit as well as how many days the tenant must wait to receive the deposit back after they vacate the premises
- List whether the tenant wants to perform a move-in inspection to report any damages or required repairs
- Whether there is assigned parking
- What will happen if the property is sold
- A list of utilities that the landlord pays and a list of utilities the tenant will pay
- What happens if the lease is broken
- Whether pets are allowed and whether the pet deposit is refundable
- Whether smoking is allowed on the premises
- If the tenant is allowed to have a waterbed
- Addresses where the landlord and tenant may receive legal notices
- The name of any individual authorized to act on behalf of the landlord (such as an agent or manager)
Finally, make sure that the landlord and the tenant sign and date the lease agreement. Both parties should keep a copy of it.
What Disclosures Must Be Made in a New Mexico Lease Agreement?
The landlord must disclose the identity of any person allowed to access the property on their behalf. If the property was built before 1978, the landlord is required to disclose the possibility of lead paint.
The landlord must provide the tenant with at least 24 hours’ notice for maintenance or inspection.
What You Need to Know about New Mexico Lease Agreement Deposits
The landlord may not charge more than one month of rent for a tenancy lasting a year or less. If the tenancy is for more than one year, the landlord can request as much as they want, but they must pay interest on the security deposit if they charge more than one month of rent as the deposit. The landlord must return the security deposit to the tenant within 30 days of the end of the lease.