The New Mexico rental agreement forms cover both leasing commercial and residential property. The process of leasing commercial and residential property vary vastly, due to the laws surrounding both. If you wish to lease or sell commercial or residential property in New Mexico, you will need a Real Estate Broker License.
In New Mexico a lease or rental agreement lays out the terms of an agreement for the temporary transfer of property between landlord and tenant. As each lease is different, a tenant should be aware of the terms, language and conditions in a lease before signing it. A lease will contain both the landlord and tenant’s names, the address of the property, the length of the rental period, the rent amount, the security deposit amount, and any rules, regulations or policies unique to the landlord or property.
Form Description Types
New Mexico Rental Laws
A landlord may charge up to one month worth of rent but no more, unless the lease is for more than a year, in which case there is no limit. The landlord must keep the deposit in an account separate to his own. If the deposit is greater than a month’s rent then the landlord must pay the tenant annual interest on the full amount of the deposit. The damage deposit must be returned within thirty (30) days of moving out. If the landlord claims the renter is responsible for any damage, the renter must be given an itemized list of all the claimed deductions.
Rent is due on the date specified in the lease or rental agreement. Failure to pay on time may result in a late fee. In order to charge a late fee, a late fee policy must be specified in the lease or rental agreement and cannot be larger than 10 percent of the monthly rent. The landlord must inform the tenant of their intent to charge a late fee no later than the last day of the month following the failure to pay on time.
A landlord can only increase rent in a Month to Month Lease Agreement. In a One (1) year lease agreement rent increases can only occur when the lease ends and a new one must be agreed upon, unless the lease itself provides for a rent increase. In a Month to Month Lease Agreement the landlord must give at least a thirty (30) day notice before the rent is due.
A landlord is legally obligated to give a receipt upon request, if rent is payed with check, cash or money order. A receipt must include the date, the tenants name, the amount paid, the date and the landlord’s signature.
A landlord cannot evict a tenant without serving notice and gaining an order from a Judge. The type of notice will vary based on the reasons for eviction. Without an order, the landlord may not cut power, change locks or otherwise try to force you out.
A landlord may not refuse to rent to a party or raise the rent on a tenant for the following reasons:
- Age, ancestry, color, country of origin, family status, religion, sexual orientation, physical or mental impairment.
Landlord Entering Your Home
A landlord has the right to peacefully enter a dwelling, to make non-emergency repairs or inspections. However they must give the tenant at least 24 hours written notice and must enter at a reasonable time for a reasonable purpose.