Sample New Mexico Rental Lease Agreement
New Mexico Rental Lease Agreement
If you are a tenant or a landlord, an understanding of the rental laws applicable in New Mexico will help you stay clear of trouble. You will also fill our free online New Mexico rental lease agreement form confidently.
Official Rules and Regulations
New Mexico Uniform Owner-Resident Relations Act
Uniform Owner-Resident Relations Act (OFFICIAL Source via New Mexico Compilation Commission) - N.M. Stat. Ann. § 47-8-1 – 47-8-52
Uniform Owner-Resident Relations Act (UNOFFICIAL Source via Justia US Law) - N.M. Stat. Ann. § 47-8-1 – 47-8-52
The security deposit maximum is reasonably charged, and for leases not exceeding a year, the deposit shouldn’t exceed one month’s rent
The annual rental lease agreements in New Mexico require a deposit of not more than one month’s rent, and the landlord must pay the tenants their interest annually.
No statute guides the setting up of separate security deposit bank account, pet deposits, or non-refundable fees.
The security deposit should be returned to the tenant 30 days from the termination of the tenancy
The acceptable uses of the security deposit include:
Payment of rent and utility costs allowed
Damages suffered as a result of the tenant’s non-compliance
A written itemized list or description of damages and charges should be prepared.
No statute governs record keeping of the deposit withholdings or receipt of deposits.
In case of noncompliance on the part of the landlord, and if the landlord doesn’t provide a written statement of deposit deductions, plus the remaining balance within 30 days, then the landlord will forfeit the right to hold any portion of the deposit.
Lease, Rent, and Fees
The rent is due as indicated in the lease
A 30-day notice is required for the increase in rent payable monthly. On the other hand, issuance of rent increase notice needs to be done at least 3 days before the end of the term
No statutes govern the rent’s grace period
In the state of New Mexico, late fees are applicable as stated in the lease, although the late fee for any given period shouldn’t exceed 10 percent of the total rent for the term in question.
Prepaid rent could be required in the New Jersey rental lease agreement
Returned check fees attract a charge of $25
The tenant can withhold rent in case the landlord fails to provide essential services like water or heat, as it is in the stipulated Landlord Obligations
No statute defines if the tenant can repair and rent.
The landlord can recover court and attorney fees
It is a requirement that the landlord makes a reasonable attempt to mitigate any damages to the lessee, including any attempts to re-rent.
There is no statute for abandonment fees or early termination fees
Notices and Entry
Since the lease just expires, there is no need for notices to terminate a tenancy in fixed-end-date leases
In monthly leases, a 30-day written notice is necessary prior to the termination of the tenancy. The termination date is specified in the notice.
In weekly leases, the notice to terminate the lease if given in writing 7 days with the termination date specified in the notice.
The state of New Jersey has no statute for terminating tenancies with only 24-hour notices.
No statute applies to notices for a move-out date or time inspection
In case of non-payment, a notice of termination for nonpayment is given, The notice is a 3-day written notice when rent is due.
A 7-day written notice is required for the termination of the lease following lease violations. However, if there is a second instance of noncompliance within six months of the first violation, the landlord delivers a 7-day unconditional quit notice.
A 24-hour notice is essential before entry unless the landlord enters the unit to perform repairs or services within 7 days after the tenant requests, or even when the landlord/ owner is accompanied by a public official conducting inspections on gas, electricity, cable TV or telephone lines
Entry is acceptable, with notice, for non-emergency maintenance and repairs
Notice is also allowed with notice for showings, and notice is allowed without notice in emergencies
Entry is also allowed when a tenant is absent for more than 7 days.
No statute governs giving notices to tenants for the use of pesticides
Lockouts and utility shutoffs aren’t allowed in the New Mexico rental lease agreement
Disclosures and Miscellaneous Rules
Copy of lease
Name and addresses
Domestic violence situations
Landlord and tenant’s duties
The New Mexico Small Claims courts has a limit of $10,000
No eviction cases are allowed in the small claims courts
The statute of limitations deems viable written contracts and oral contracts up to 6 and 4 years respectively
You can get legal information and help from New Mexico’s bar association, legal aid or the attorney general’s office.
While there are no state-wide requirements for business licenses, the local counties and cities may require them.
With these details out of your way, get your free New Mexico rental lease agreement form from us now.
NM Rental Lease Agreement
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