The New Mexico Standard One (1) Year Lease Agreement is a standard form, designed to lease residential property to a prospective tenant for one (1) year. Both landlord and tenant will have the option to renew or not renew at the end of the lease.
As a One Year Lease Agreement is a fairly standard agreement, much of it will be fairly straightforward. The Lease Agreement must include the names of both the landlord and tenant, the length of the lease, rent amount, security deposit and the address of the rental as well as any unique clauses or requirements negotiated by landlord and tenant.
As the rental period is one year, the tenant should be exceptionally aware of the language before signing. If the tenant is forced to break the lease for any reason, the landlord must try to fill the vacancy, but the tenant will be responsible for the rent until the landlord can secure a new tenant.
- The landlord is required by law to disclose the name, address and telephone number of the owner of the premises and any person authorized to manage it on their behalf, as well as any person authorized to act on behalf of the person or persons managing the property.
- Federal Law requires the landlord to disclose any lead paint based hazards in the property.