A New Mexico lease agreement spells out the conditions for renting a landlord’s commercial or residential real estate. In addition to the cost of rent, each lease agreement relays the length (term) of the agreement, prohibited activities, security deposit amount, fees for late rent, and the landlord/property manager’s contact information.
A New Mexico lease agreement spells out the conditions for renting a landlord’s commercial or residential real estate. In addition to the cost of rent, each lease agreement relays the length (term) of the agreement, prohibited activities, security deposit amount, fees for late rent, and the landlord/property manager’s contact information.
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A New Mexico lease agreement spells out the conditions for renting a landlord’s commercial or residential real estate. In addition to the cost of rent, each lease agreement relays the length (term) of the agreement, prohibited activities, security deposit amount, fees for late rent, and the landlord/property manager’s contact information.
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Rental Application – The landlord can obtain potential tenants’ background info by having them fill out this applicant form.
Maximum Amount ($) – New Mexico does not specify a damage deposit limit, it only states that it must be “reasonable.” [4]
Collecting Interest – If the security deposit is greater than one month’s rent, the landlord must pay the tenant annual interest. [6]
Returning to Tenant – The landlord must return the security deposit to the tenant within 30 days of the termination date. [7]
Itemized List Required? – Yes, the landlord must provide the tenant with a written list detailing why security deposit deductions have been made. [8]
Separate Bank Account? – No state law requires that the landlord keep the security deposit in a separate account.
General Access – The tenant must be given 24 hours’ notice before the landlord or their representative can access the rental unit. [9]
Immediate Access – The landlord is not required to obtain consent before entering the property in an emergency. [10] Additionally, notice is not required [11] :
Grace Period – Landlords are not required by law to give a grace period before charging a fee on late rent payments.
Maximum Late Fee ($) – Late fees cannot exceed ten percent of the total rent for that period. [13]
Withholding Rent – If the property is unsafe or essential services are not in working order, and if the landlord fails to make repairs within seven days of being notified, the tenant can withhold one-third of the daily rent until the problem is fixed. If the premises are uninhabitable, the tenant can withhold 100% of the rent . [14]
Non-Payment of Rent – If the tenant has not paid their rent on time, the landlord may serve them a 3-day notice to quit. [15]
Non-Compliance – A 7-day notice to quit can be sent for lease violations. The tenant may be given the option to cure, depending on whether it’s the first violation. [16]
Lockouts – The landlord may not change the locks or attempt to evict the tenant without a court order. [17]
Leaving Before the End Date – If the tenant abandons the property, the landlord may take possession and attempt to rerent the property. [18] If rerented, the old tenancy will terminate when the new tenancy begins. The landlord must attempt to mitigate damages by genuinely trying to find a new tenant. [19]
Month-to-Month Tenancy – Either party may terminate a month-to-month tenancy with a 30-day notice. [20]
Unclaimed Property – The landlord must hold onto the tenant’s personal property for 14 days if the tenant surrenders the property voluntarily, 30 days if they abandon the property, and 3 days if they’re evicted . [21]
