Most Commonly Used New Mexico Lease Agreements
The most commonly used New Mexico rental lease agreements include a standard residential lease agreement, a month-to-month residential lease agreement, a roommate agreement, a sublease agreement, and a commercial lease agreement.
All of the most commonly used New Mexico lease agreements rely on the same basic provisions, but they still have their differences. Here are a couple of examples.
- A roommate agreement is a type of residential lease agreement. One of its differences is in how it designates which areas in the rental are for the sole use of the roommate as well as which areas are considered communal and may be used by all of the occupants.
- A standard residential lease agreement is generally written for one year. Once that year terminates, it may be renewed for another year or it may convert to a month-to-month lease agreement. Both a standard yearly lease agreement and a month-to-month lease are similar in many ways. The most common similarity is found in how they both often require a written 30-day notice to move out at the end of the term if either party does not plan to renew the agreement.
How to Write a New Mexico Lease Agreement
New Mexico lease agreements must comply with New Mexico landlord-tenant laws. Failure to do so renders the agreements unenforceable. There are other laws that must also be considered. You’ll learn more about some of those under the sections related to disclosures and security deposits.
Because a lease agreement is a contract, it is important that you understand the terms. Read the document carefully before you sign it or have it reviewed by an attorney.
A New Mexico lease agreement should contain the following information:
-
Names of the Parties - This is the landlord’s name or the property management company’s legal business name as well as the legal name of the tenant.
-
Property Address - This is the street address of the rental property, including the city, zip code, and, if applicable, the lot or unit number.
-
Term Information - This is the type of lease agreement the parties agree to enter into. For example, a month-to-month lease or a fixed term. A fixed-term lease means that the parties agree that the tenant will hold possession of the space for a certain amount of time, usually one year. If it is a fixed lease, this section should include the date that the lease will end.
-
Rental Amount - This section includes the date that the lease will begin, the amount of the monthly rent, the day of the month that rent is due, and the address where the rent may be paid.
-
Late Fee - This section documents the amount of the fee that is due if the rent is not paid by a certain date.
-
Security deposit - This is the amount of money that must be paid in advance of the tenant taking control of the property. A security deposit is used to repair damages caused by the tenant.
-
Initial Payment - This is the total amount of money that the tenant must pay to move into the rental property. This should include the amount of the first month’s rent, security deposit, and the total of the two numbers added together.
-
Occupants - This section includes the full name of each tenant even if they are a minor or are not signing the lease. This part of a New Mexico residential lease agreement establishes who resides in the residential unit. For commercial space leases, it designates those who have permission to use the space. If the presence of additional occupants changes the price of the rent, it should be included in this section.
-
Utilities - This section explains which utilities or services a tenant does not pay.
-
Parking - This section informs the tenant if they will receive a parking space. If a parking space is reserved and there is a designated spot, the spot should be listed in this section.
-
Furnishing - This section tells tenants what they are allowed to install (such as a washing machine or dishwasher) or what they may not install. If the tenant is not allowed to bring their own appliances, that should be designated in this section.
-
Notices - This section documents the names of the landlord or property manager and tenant alongwith their mailing address. This contact information is used if the parties need to send out a notice to the other party.
-
Additional Terms - This section lists any other terms that the parties agreed to that haven’t been included in any other section of the lease agreement.
-
Signature and Date - The document should be signed and dated by all parties.
Which Disclosures Belong in a New Mexico Lease Agreement?
The landlord must disclose the identity of any person allowed to access the property on their behalf. The landlord must provide the tenant with at least 24 hours’ notice for maintenance or inspection.
If the property was built before 1978, the landlord is required to disclose the possibility of lead paint.
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.
Download Word Template
Download PDF
Create Custom New Mexico Lease Agreement
Word
PDF
