New Mexico is surely a pronounced US state for families to live in. This state embraces a long history along with a promising future for its population. If you are searching for residential property in its capital city ‘Santa Fe’ or desert metropolis of Albuquerque, you can find a property that will suit your taste.
If you are the one looking for a rental property in New Mexico, you must know about the New Mexico rental agreement.
What Is a New Mexico Lease Agreement?
The New Mexico residential lease agreement, also known as rental agreement NM, is a legal contract between landlord and tenant in exchange for rent.
It also entails specific terms and conditions relating to the length of occupancy, amount of monthly rent, restrictions on the use of the rental property. NM rental agreement is negotiated between landlord and tenant for leasing either residential or commercial property.
Prior to writing the form, both parties discuss rent and other terms. The landlord must verify the personal information and credential history of tenants via the rental application.
When signing the agreement, the tenant is recommended to bring a security check deposit with them. Upon handing check, the landlord is required to provide the tenant with access to the rental premise.
Rental agreement form New Mexico has a full duration of 1 year. However, longer leases are also permitted in New Mexico, but they should be in writing. Once the NM lease agreement is signed by both parties, it becomes enforceable.
New Mexico Landlord and Tenant Laws
New Mexico landlord and tenant must know and follow the key laws:
Under federal law in New Mexico, landlords must disclose information to tenants about their identity. The landlord should also disclose the identity of any authorized person who can act on behalf of the landlord, non-refundable fees, tenant’s right to move-out, etc.
Limit and Return of Security Deposits
NM laws limit landlords on how much they can charge security deposits (1-month rent) from tenants and when it should be returned (within 1 month after tenant moves).
Small Claims Lawsuits
Tenants are allowed to sue their landlord in Magistrate court or Metropolitan court to return their security deposits of $10,000.
NM state laws also regulate issues related to rent such as late fees, amount of notice that the landlord must give when raising the rent. In addition, the landlord must tell tenants how much time they have to pay their overdue rents.
Right to Withhold Rent
If the landlord fails to make any important repair like a broken heater, the tenant has the right to withhold rental payment.
Rules for Termination and Eviction
New Mexico State also specifies how and when the landlord can terminate the tenancy period. For instance, if the tenant repeatedly violates the terms of the NM rental agreement, the landlord can give them unconditional quit notice within 6 months.
This notice gives tenants only 7 days to move out of the rental premise.
Access to Rental Property
NM property owners must provide 24 hours prior notice before entering the rental premise of the occupant.
New Mexico Lease Disclosures & Addendums
Lease disclosures and addendums in rental agreement New Mexico are mentioned as follows:
Landlord’s Name & Address
This disclosure is applicable to all NM rental units. Landlords must provide their names and address so that tenants can send them any demand or future legal notices properly. Another person who will act on behalf of the landlord must also be disclosed in rental agreement NM.
Late Fee Disclosure
This is applicable for any rental unit that may charge late fees. In New Mexico, landlords must disclose information about late fees and the amount of due rent. However, the late fee should not exceed over 10% of overdue rent.
Lead-Based Paint Disclosure
Federal laws of New Mexico require landlords to disclose information to tenants about the dangers of lead-based paint. Rental property that was built before 1978 is at high risk of dangers posed by lead-based paint.
Landlords should fill in and attach a lead-based paint disclosure form to the NM lease agreement. Moreover, an EPA-approved pamphlet (Environmental Protection Agency) should also be provided to the tenant that outlines likely dangers.
Optional Disclosures & Addendums
In rental agreement New Mexico, landlords may add various optional disclosures and addendums to reduce future legal liabilities and rent-related issues.
Disclosures and addendums which are not required by Mexico State laws are as follow:
Medical Marijuana Use
The landlord should state where on a rental property, the use of medical marijuana is allowed. Under New Mexico laws, marijuana usage can be restricted to non-smoking methods. Tenants can use smoke without causing interference with other occupants.
The landlord should provide the tenant with an itemized list of property damages before they move-in. This checklist will hold tenants responsible for causing any serious damage to the rental property during the lease term.
Shared Utilities Arrangements
If the utilities are to be shared on the rental unit, the landlord should disclose the specifics of how utilities will be shared and how the bill will be calculated.
Bed Bug Disclosure
If there is any infestation history on the rental unit, the landlord should establish an understanding of the present status of bed bugs on rental premises. The landlord should also provide tenants with information on a protocol to handle the future infestation.
Buildings that were built before 1981 are at high risk of asbestos. Therefore, any prior knowledge regarding the presence of asbestos on rental should be disclosed by the landlord in rental agreement NM.
The landlord should also disclose information about the current status of mold on rental property. This disclosure will protect the landlord from future liabilities.
Overall, New Mexico is a great place for families to live in. If your family is planning to rent a residential property in New Mexico, make sure you have a thorough knowledge of the NM lease agreement.
If you have decided to lease a property, you can find a great template for the New Mexico rental lease agreement on our website CocoSign. You can also check out other different templates for legal agreements.
CocoSign represents a wide collection of legal templates covering all types of leases, contracts and agreements for personal and commercial use. All legal templates available on CocoSign shall not be considered as attorney-client advice. Meanwhile, CocoSign shall not be responsible for the examination or evaluation of reviews, recommendations, services, etc. posted by parties other than CocoSign itself on its platform.