What Is a New Mexico Lease Agreement?
A New Mexico lease agreement is a contract between a landlord and a tenant that allows the tenant to use a rental property. It must be in writing and signed by both parties, though it does not need notarization. The landlord must include their contact details so the tenant knows who to reach out to with problems.
This contract outlines key rules that the tenant must follow, including those related to pets, guests, and rent payments. It also highlights the landlord’s duties for keeping the property safe and providing notice to end the lease.
New Mexico Landlord-Tenant Laws Overview
New Mexico leases are governed by state law. These regulations ensure that landlords engage in fair and safe rental practices. Review the key landlord-tenant laws so you understand the key requirements for your New Mexico rental contract.
| Topic | Rule | Law |
|---|---|---|
| Security Deposit Maximum | Up to one month's rent (only applies to leases less than one year in length) | NM Stat § 47-8-18 |
| Security Deposit Returns | Within 30 days of the end of the lease | NM Stat § 47-8-18(C) |
| Security Deposit Storage | No requirements | n/a |
| Rent Control | None | NM Stat § 47-8A-1 |
| Grace Period | None | n/a |
| Late Fees | No more than 5% of the monthly rent | Senate Bill 267 |
| Rent Withholding | Can withhold one-third of the daily rent if the tenant gives seven days' notice, or up to 100% if the condition renders the premises uninhabitable | NM Stat § 47-8-27.1 and NM Stat § 47-8-27.2 |
| Landlord Entry | At least 24 hours' notice | NM Stat § 47-8-24 |
| Lease Termination | 30 days' notice | NM Stat § 47-8-37 |
Types of New Mexico Lease Agreements
Legal Templates offers New Mexico lease agreement templates in different variations. For example, we offer a month-to-month agreement for parties seeking a flexible term. We also have templates for other arrangements, like subleasing and rent-to-own. Explore our templates below to find the one that’s right for you.
New Mexico Standard Lease Agreement
Outlines the terms and conditions for renting a residential property by a tenant from a landlord.
New Mexico Commercial Lease Agreement
Lets a landlord rent a commercial property to a business, allowing the business to conduct its operations there.
New Mexico Rent-to-Own Lease Agreement
Allows a tenant to purchase the property they're leasing from a landlord at a later date.
New Mexico Month-to-Month Rental Agreement
Renews on a monthly basis unless it is terminated.
New Mexico Sublease Agreement
A tenant can rent out their property to another person while still being accountable to the original landlord.
New Mexico Room Rental Agreement
Define rules and financial commitments while renting individual rooms within a shared dwelling.
Security Deposit Regulations in New Mexico
If the lease term is less than one year, a landlord may request up to one month’s rent for a security deposit. If the lease term is one year or longer, the landlord can request as much as they want. In any case, the landlord must pay interest to the tenant if they charge more than one month’s rent for a deposit (NM Stat § 47-8-18).
New Mexico does not require landlords to keep the deposit in a separate bank account. State law also doesn’t require the provision of security deposit receipts.
A landlord must return a tenant’s security deposit within thirty days of the end of the lease (NM Stat § 47-8-18(C)). The landlord can deduct from the security deposit for unpaid rent, utility bills, repair costs, and damages beyond normal wear and tear. They must provide a written, itemized list of these deductions and the remaining deposit within 30 days of the tenant leaving or the lease ending, whichever is later.
New Mexico Rent Payment Rules
Unless stated otherwise in the New Mexico residential lease agreement, the full amount of rent is due at the start of each month or period (NM Stat § 47-8-15). New Mexico law prevents any city or town from enacting rent control (NM Stat § 47-8A-1), so landlords can charge however much they’d like. If landlords decide to increase rent on a month-to-month lease, they must issue 30 days’ notice.
Rent is due when stated, so there is no grace period. However, late fees cannot exceed 5% of the monthly rent (Senate Bill 267). If rent remains unpaid, landlords can initiate eviction proceedings by issuing a 3-day notice to quit.
If the landlord’s serious violation of a New Mexico rental agreement impacts health and safety, the tenant can provide at least seven days’ notice and withhold one-third of the daily rent. If the unit is uninhabitable, the tenant may withhold all rent until the issue is fixed as long as they move out of the unit during the period of disrepair (NM Stat § 47-8-27.1 and NM Stat § 47-8-27.2).
Landlord Entry Regulations in New Mexico
A landlord must give the tenant at least 24 hours’ notice before entering the property (NM Stat § 47-8-24). The notice must include their intent to enter, the reason for entry, and an estimate of the time frame of the entry.
New Mexico Landlord and Tenant Property Repair Responsibilities
Landlords must keep rental units habitable, adhere to local housing and safety codes, and promptly address repairs. They must also provide essential utilities like electricity, plumbing, water, HVAC, and trash collection (NM Stat § 47-8-20).
Tenants are responsible for maintaining their rental unit, including minor repairs and the cleanliness of fixtures and appliances. They should also regularly check the electrical, plumbing, and sanitation systems (NM Stat § 47-8-22).
Required Lease Disclosures in New Mexico
A New Mexico residential lease agreement must contain the following disclosures:
- Rental costs disclosure: Senate Bill 267 requires landlords to disclose all costs associated with renting to a tenant.
- Property access disclosure: A landlord must specify who’s allowed to access the premises and record an address for official notices (NM Stat § 47-8-19).
- Lead-based paint disclosure: A landlord must warn a tenant that they may experience exposure to lead-based paint if they’re renting a house that was constructed before 1978 (42 US Code § 4852d).
Terminating a Lease in New Mexico
Either party can terminate a month-to-month tenancy by providing a 30-day written notice (NM Stat § 47-8-37). This notice period provides the landlord and tenant with sufficient time to make arrangements.
Landlords must store any personal property left by a tenant for at least 14 days before disposing of it. If the tenant has abandoned the property, the landlord must keep the belongings for at least 30 days and provide written notice of the intent to dispose of them (NM Stat § 47-8-34.1).
New Mexico Lease Agreement Sample
View our free sample New Mexico lease agreement so you know what terms to include to guide a tenant’s occupancy. Create your own using our guided form, then download the final version in PDF or Word format.
