New Mexico Lease Agreement

new mexico residential lease agreement
New Mexico Residential Lease Agreement
TurboTenant's New Mexico lease agreement, crafted by local attorneys and property owners, ensures legal compliance and full protection for landlords.

Creating a comprehensive and legally compliant lease agreement is essential for landlords in New Mexico. These agreements not only outline the terms of the rental arrangement but also protect the rights and responsibilities of both landlords and tenants. TurboTenant’s New Mexico Lease Agreement Generator and Templates offer a streamlined solution for landlords, ensuring their lease agreements are tailored to the unique requirements of New Mexico law while also incorporating best practices in property management.

Section 1 – Custom to You

Every rental situation is unique, and your lease agreement should reflect that. The first section of the lease allows for customization to include details specific to your property, your tenants, and the conditions of the tenancy. This includes identifying information, rent specifics, utility responsibilities, and any additional terms you wish to enforce. A summary table at the front of the agreement helps both parties easily understand the main details.

Key Customizable Elements

  • Additional Provisions: This section is where landlords can add property-specific rules or necessary local clauses, allowing for a more personalized agreement. It’s recommended that any additional provisions be reviewed by a lawyer to ensure legality and enforceability.
  • Lost Key Policy: It’s stated that tenants are responsible for the full cost of rekeying the property should they fail to return all keys upon moving out.

Section 2 – Specific to New Mexico

Section 2 of the lease is designed to keep you compliant with New Mexico’s local laws, featuring clauses specific to the state that should not be altered. If you do change any provisions in this section using our Advanced Editor feature, it is advised to consult with an attorney to ensure you remain legally compliant with state and/or local laws. Understanding these provisions is crucial for both landlords and tenants.

Important New Mexico Regulations

  • Late Fees (Section 2.1): New Mexico allows landlords to charge a late fee of up to 10% of the unpaid rent if it is not received by 5 pm on the first day of the month. For example, if the rent is $1,000 and payment is late, a $100 late fee can be applied.
  • Security Deposit Provisions (Section 2.4): In New Mexico, a landlord cannot demand more than one month’s rent for a deposit for leases less than a year. For longer leases, any deposit greater than one month’s rent must accrue annual interest. Security deposits must be returned within 30 days of the tenant vacating the premises.
  • Fair Housing (Section 2.11): The lease must comply with federal and possibly local laws prohibiting discrimination based on protected characteristics. Landlords should research their county’s specific regulations to ensure full compliance.

Section 3 – General Clauses for Best Practices

This section includes clauses that are standard across most lease agreements, emphasizing best practices and ensuring a smooth landlord-tenant relationship.

Key General Clauses

  • Subletting (Section 3.1): Tenants are prohibited from subleasing the property without the landlord’s written permission, safeguarding the landlord’s control over occupancy.
  • Altering or Improving the Property (Section 3.2): Tenants must obtain written consent before making any alterations or improvements to the property, ensuring the property’s condition is maintained.
  • Notice of Domestic Abuse Protections (Section 3.8): Tenants have protections against eviction if they can prove that the eviction is based on conduct related to being a victim of domestic abuse, sexual assault, or stalking.
  • Choice of Law (Section 3.11): The agreement is governed by New Mexico law and requires the use of county courts where the property is located for any disputes.
  • Follow the Law (Section 3.14): Tenants must adhere to all federal, state, and local laws while on the property, including restrictions against causing nuisances or engaging in illegal activities.
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FAQ

What constitutes a late fee in New Mexico?

A late fee in New Mexico can be up to 10% of the unpaid rent if it is not received by 5 pm on the first day of the month.

How should security deposits be handled?

For leases less than a year, the deposit cannot exceed one month’s rent. For longer leases, any deposit over one month’s rent must accrue interest. Deposits must be returned within 30 days of tenancy termination.

Are there specific protections for victims of domestic abuse?

Yes, tenants have a defense against eviction if it’s based on conduct related to being a victim of domestic abuse, sexual assault, or stalking.

How does the lease agreement address discrimination?

The lease must comply with federal (and possibly local) fair housing laws, prohibiting discrimination based on protected characteristics.

TurboTenant New Mexico Lease Agreements

TurboTenant offers a comprehensive solution for landlords in New Mexico to create lease agreements that are not only customized to their specific rental situation but also compliant with state-specific laws and best practices. This approach ensures a legally sound and smooth rental process. For unique or complex situations, consulting with a legal professional is recommended to further tailor the lease agreement to your needs.

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