Free New Mexico Residential Lease Agreement

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Table of Contents:

What Is a Lease in New Mexico
Types of New Mexico Lease Agreements
Disclosures for New Mexico Lease Agreements
New Mexico Residential Lease Agreement Sample
Other Real Estate Documents
FAQs About New Mexico Lease Agreement

What Is a Lease in New Mexico

A New Mexico lease agreement is used to establish the terms and conditions that a landlord and tenant must follow in regard to a rental property. It is written in a way that complies with the laws of the state in which the property is located.

Lease agreements are similar to rental agreements as they are both legally binding contracts that define the terms of use and payment plans for a property. However, a lease agreement typically covers long-term leases while a rental agreement deals with short-term tenancies.

The following information should be included in a New Mexico lease agreement.

Period of time in which the tenant can occupy the property
Amount of rent that should be paid
Details about security deposits
Frequency of rental payments
Information about additional costs
Usage terms of the property
Eviction terms and procedures

Types of New Mexico Lease Agreements

Before starting a New Mexico lease agreement, it is important to know which type to create. There are many distinct varieties of these legal instruments, and each deals with a different type of rental situation.

The most common types of lease agreements in New Mexico include:

Standard residential lease agreements: Both the landlord and tenant commit to a fixed set of terms for a set period of time.
Rent-to-own lease agreements: Designed for tenants that wish to buy the property they are renting during or after the lease has ended. This typically requires the tenants to pay an additional sum of money each month, to cover the principal costs.
Month-to-month rental agreements: The same general terms as a standard residential lease contract, but they can be renewed, altered, or ended on a month-by-month basis.
Commercial lease agreements: Provided by landlords of retail property to tenants that will use the real estate to manage a business.
Room rental agreements: Used for rooms within properties that have shared living areas.
Sublease agreement: Allows tenants to assign or lease the property to another individual as long as they have the property landlord’s permission.

Disclosures for New Mexico Lease Agreements

New Mexico lease agreements must contain a few disclosures and addendums when they are completed and signed. This is to properly inform the tenant of any health risks or potential issues with the property, or details about how the property is managed that they must be aware of.

These essential addendums include the following:

Agent/owner identification: The lease agreement must include a section or an addendum that discloses the contact information of the landlord or a chosen agent who will act on their behalf (§ 47-8-19).
Lead paint disclosure: If the rental unit is in a building constructed before 1978, the landlord or their agent must disclose whether lead paint can be found on the property and must provide safety information for any located on the premises.

New Mexico Lease Agreement Laws

For aNew Mexico lease agreement to be legally binding and valid, it must be written according to the laws of NM state. If this is not done properly, the contract will be legally contestable and could be declared invalid when put under scrutiny. These rules will also determine what kind of procedures and terms you may ask the tenant to abide by.

The overview below includes the most important laws to consider when renting a property in New Mexico:

Law	Specifics
Security deposit	The maximum security deposit that can be charged in New Mexico, is 1 month’s rent if the lease is due to run for less than a year (§ 47-8-18). For contracts over 1 year, a higher amount may be charged. However, any deposit over a month’s rent in total must be returned with interest according to NM statutes.
Returning security deposits	The amount taken as a deposit must be given back to the tenant within 30 days after they vacate the property and return the keys. If any deductions will be taken from the security deposit, the tenant must be informed of these in advance of its return via an itemized statement. (§ 47-8-18)
Landlord’s right to enter	24 hours’ advance notice must be given by landlords or their agents before entering the rental property (§ 47-8-24).

New Mexico Residential Lease Agreement Sample

Creating and putting a lease agreement into action in New Mexico is a major commitment. It can help to explore an example template first to get a clear idea of what information should be found in your completed document.

Our sample New Mexico lease agreement below can help you understand the details included in this legal arrangement a little better.

New Mexico Residential Lease Agreement Form

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FAQs About New Mexico Lease Agreement

It is important to carefully prepare a New Mexico lease agreement to suit the needs of the landlord and tenant exactly. To help demystify the process a little, simply review our FAQs below to learn more about the specificities of rental contracts in New Mexico.

Can I Write My Own Lease Agreement in New Mexico?

It is possible to create a New Mexico lease agreement completely online. Using our residential lease agreement maker you can tailor your document for your specific needs and take advantage of professional templates and expert tips.

How to Write an NM Lease Termination Letter?

If either the landlord or tenant needs to terminate a New Mexico lease agreement early for any reason, they must provide the correct amount of notice in a written NM lease termination letter.

This letter needs to contain the following information:

The name of the landlord and the tenant
The date the letter has been written and signed
The name and address of the property in question
Information explaining why the tenancy needs to be terminated early
The reason the lease is being broken
The date that the resident will vacate the property
Acknowledgment of any penalties that will be incurred
Signature of the signing party

Do I Need to Notarize my New Mexico Residential Lease Agreement?

It is not necessary to notarize a New Mexico residential lease agreement. However, whilst this might not be a legal requirement in New Mexico state, signees are still advised to consider this step to provide further legal enforceability.

You are only a few steps away from your own New Mexico Lease Agreement!

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Preview of your New Mexico Residential Lease Agreement

RESIDENTIAL LEASE AGREEMENT

THIS LEASE AGREEMENT (hereinafter, the "Lease Agreement") is dated as of ________ day of ________________, ________ (hereinafter, the "Effective Date") and is entered into by and between the following parties:

_________

(hereinafter the "Landlord")

- AND _________

(hereinafter the "Tenant(s)")

The Landlord and the Tenant(s) agree as follows:

1. The Landlord rents to the Tenant(s) and the Tenant(s) rents to the Landlord a house, located at _________ (hereinafter the "Property"), for the sole use as a personal residence.

2. Subject to the provisions of this Agreement, only the Tenant(s) mentioned in this Lease Agreement will be permitted to live on the Property. No other person will be allowed to live on the Property without the prior written consent of the Landlord.

PETS

3. No animal or pet shall be kept, permanently or temporarily, on or about the Property, even temporarily or with a visiting guest. As provided by law, a Service Animal(s) is not considered a pet, and every individual with a disability shall have a right to have a Service Animal(s) on the Property.

PARKING

4. Parking spaces for motor vehicles or motorcycles are not provided nor permitted on the Property under this Lease Agreement.

SMOKING

5. Smoking is not allowed in or on any area of the Property, including individual units and common areas, both indoors and outdoors. This policy applies to all owners, tenants, or guests.

If the Tenant(s) contravenes this provision by smoking or allowing guests to smoke in any place on the property, then such Tenant(s) shall be held liable for any damages caused to the Property. The violation of this provision shall be considered a just cause for the eviction of the Tenant(s) by the Landlord.

VAPING

6. Vaping is not allowed in or on any area of the Property, including individual units and common areas, both indoors and outdoors.

TERM

7. The term of the Lease Agreement begins on _________ (hereinafter, the "Commencement Date") and shall terminate on _________ (hereinafter, the "Termination Date").

8. The Parties must comply with the law of the State of New Mexico in any notification to end this tenancy.

RENT

9. The Tenant(s) shall pay the Landlord Rent in the amount of $_________ per week (hereinafter, the "Rent").

10. The Tenant(s) shall pay the Landlord Rent weekly prior to or on _________ day of every week during the term of this Lease Agreement at _________ or at such other place as the Landlord may designate later by:

11. The Landlord may increase the Rent that will be paid for the Property by providing a reasonable notice to the Tenant(s) that the Rent will increase.

Under the law of the State of New Mexico, the Landlord shall give the Tenant(s) a 30 days' notice of the Rent increase.

12. The Parties will inspect the property to evaluate its condition at the beginning and the end of the lease term.

13. The Landlord and its agents shall have the right to enter the Property at all reasonable times to inspect, repair, or show it to Prospective buyers or tenants in compliance with the law of the State of New Mexico.

Under the law of the state of New Mexico, the Landlord must provide the Tenant(s) with a 24-hour notice of the impending non-emergency inspection or visit before the scheduled entry to the Property.

TENANT IMPROVEMENTS

14. The Tenant(s) shall not make any sort of improvements on the leased Property without the Landlord's prior written consent. All improvements made by the Tenant(s) shall become the Landlord's property and shall be surrendered with the leased premises at the termination of this Lease Agreement unless the Tenant(s) obtain written consent from the Landlord before doing any of the following:

(a) Additions
(b) Alterations
(c) Fixtures
(d) Redecorations
(e) Installing a waterbed(s).

UTILITIES

15. The Tenant(s) shall be responsible for and shall pay for all utilities and services used or consumed at the Property.

INSURANCE

16. The Tenant(s) shall not pay for any insurance to protect property belonging to such Tenant(s). However, if the property belonging to the Tenant(s) suffers any damage or loss, the Landlord will not be liable for any property that suffers any damage or loss.

17. The Tenant(s) will not be held responsible for insuring the Landlord's property in or about the premises. Further, the Tenant(s) will not be liable for either damage or loss of such property.

ATTORNEY FEES

18. In any lawsuit brought to enforce the Lease or under applicable law, the party in whose favor a judgment or decree has been rendered may recover reasonable court costs, including attorneys' fees, from the non-prevailing party.

GOVERNING LAW

19. This Lease Agreement shall be governed, construed, and interpreted by the State New Mexico.

SEVERABILITY

20. If any term or provision of this Lease Agreement is held invalid or unenforceable for any reason, the remaining provisions shall not be affected by such provision and will continue to be valid and enforceable.

21. If a court holds that any provision of this Lease Agreement is invalid or unenforceable and such provision is eliminated, the remaining provisions shall continue to have full effect.

ENTIRE AGREEMENT AND AMENDMENT OF THE LEASE

22. This Lease Agreement contains the entire agreement of the parties and there are no other promises, conditions, understandings, or other agreements, whether oral or written, relating to the subject matter of this Lease. This Lease Agreement may be modified or amended in writing if it is signed by both parties.

ASSIGNMENT AND SUBLETTING

23. The Tenant(s) shall not, without the prior written consent of the Landlord, assign this Lease Agreement or any interest herein or sublet the Property or any part thereof.

DAMAGES

24. All damages done to the property shall be charged to the Tenant(s) and may be considered cause for the termination of this lease agreement.

CARE AND USE OF PROPERTY

25. The Tenant(s) shall occupy and use the Property exclusively as a residential dwelling unit. No other uses shall be allowed to the Tenant(s) other than for residential dwelling purposes, except as may be allowed by the written consent of the Landlord and if and only if the alternative use is allowed under all applicable zoning laws. In such case, the Tenant(s) shall obtain liability insurance to cover any risks associated with alternate use of the property.

Further, the Parties must comply with all health, fire, and safety regulations. Any material breach of this provision by the Tenant(s) constitutes valid grounds for eviction or lease termination.

26. The Tenant(s) accepts the Property in its present condition and state of repair and shall be given possession of the Property on the day of commencement of this Lease Agreement.

At the expiration of the lease term, the Tenant(s) shall leave and surrender the Property in as good a state and condition as they were in at the commencement of the lease term, reasonable use, wear and tear, and damages by the elements excepted.

NOTICE

27. The Tenant(s) may be reached for any matter related to this tenancy at the Property or through the following phone number and email:

(a) Name: _________.
(b) Phone: _________.
(c) Email: _________.

28. The Landlord may be reached for any matter related to this tenancy at the Property or through the following phone number and email:

(a) Name: _________.
(b) Address: _________.

The contact information for the Landlord is:

(c) Phone: _________.
(d) Email address: _________.

GENERAL PROVISIONS

29. All monetary amounts stated or referred to on this Lease are based in the United States dollar.

30. Any waiver by the Landlord of any failure by the Tenant to perform or observe the provisions of this Lease will not operate as a waiver of the Landlord's rights under this Lease in respect of any subsequent defaults, breaches, or non-performance and will not defeat or affect in any way the Landlord's rights in respect of any subsequent default or breach.

31. This Lease will extend to and be binding upon and inure to the benefit of the respective heirs, executors, administrators, successors and assigns, as the case may be, of each Party. All covenants are to be construed as conditions of this Lease.

32. All sums payable by the Tenant to the Landlord pursuant to any provision of this Lease will be deemed to be additional rent and will be recovered by the Landlord as rental arrears.

33. Where there is more than one Tenant executing this Lease, all Tenants are jointly and severally liable for each other's acts, omissions, and liabilities pursuant to this Lease.

34. Locks may not be added or changed without the prior written agreement of both Parties, or unless the changes are made in compliance with the Act.

35. The Tenant will be charged an additional amount of $_________ for each N.S.F. check or checks returned by the Tenant's financial institution.

36. Headings are inserted for the convenience of the Parties only and are not to be considered when interpreting this Lease. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.

37. Time is of the essence in this Lease.

IN WITNESS WHEREOF _________, _________ have duly affixed their signatures on this________day of ________________, ________.

________________________________
Landlord: _________

_________________________________
Tenant: _________

The Tenant acknowledges receiving a duplicate copy of this Lease signed by the Tenant and the Landlord on the________day of ________________, ________.