New Mexico Residential Lease Agreement | PDF
A New Mexico residential lease agreement allows an individual (the tenant) to rent livable space from a property owner or manager (the landlord) in exchange for monthly rent. The contract becomes effective upon the inscription of each party’s signature, binding both individuals to the terms and conditions set therein until the termination date.
It is a good idea for the landlord to ensure that the tenant is qualified to pay rent by verifying through a rental application.
Table of Contents
- Security Deposit Laws
- Required Disclosures
- Rent Grace Period
- Guides & Laws
Maximum Amount ($) – It is in the landlord’s right to charge as much as one (1) month’s rent as a security deposit (for rental agreements with a one-year term). Should a landlord demand a deposit greater than one (1) month’s rent, they will be required to pay the tenant any interest accumulated in accordance with (NM Stat § 47-8-18).
Returning – The deposit must be returned to the tenant within thirty (30) days of the rental termination date (NM Stat § 47-8-18).
Lead-Based Paint Disclosure – This disclosure is required if the property in question was constructed before the 1st of January 1978.
Identity – The landlord is required to disclose to the tenant the identity of any and all individuals given access to the property or given the authority to act on the landlord’s behalf (§ 47-8-19).
There are no statutes that allow for a grace period for renters in New Mexico. Should a late payment occur, a landlord is legally allowed to charge a late fee that is no greater than ten (10) percent of the monthly rent (NM Stat § 47-8-15).