New Mexico Lease Agreement Templates (6)

A New Mexico lease agreement is a legally binding contract used for both residential and commercial properties. The document clearly lays out all of the terms of leasing a space, including the rent amount, duration, responsibilities, and compliance. The landlord may require a security deposit and credit check to verify the renter’s income and ensure the rent can be paid.

Last updated April 7th, 2024

A New Mexico lease agreement is a legally binding contract used for both residential and commercial properties. The document clearly lays out all of the terms of leasing a space, including the rent amount, duration, responsibilities, and compliance. The landlord may require a security deposit and credit check to verify the renter’s income and ensure the rent can be paid.

  1. Home »
  2. Lease Agreements »
  3. New Mexico

By Type (6)

Standard Lease Agreement – The most common lease for a residential property that usually lasts 12 months.
Commercial Lease Agreement – This is used when a business rents a space for retail, industrial, or office use.
Month-to-Month Lease Agreement – This contract does not have an end date but may end with a 30-day notice by the tenant or landlord.
Rent-to-Own Agreement – This is a standard lease under which the renter may purchase the property at an agreed-upon price after the lease ends.
Roommate Agreement – Two individuals inhabiting the same rental space may enter an agreement of shared duties and responsibilities.
Sublease Agreement – With the landlord’s approval, the tenant may re-rent out their space to another individual.

Disclosures (2)

Lead-Based Paint Disclosure – Federal law requires the landlord to disclose the possibility of toxic lead paint in any building built before 1978.

Landlord’s Contact Details—In New Mexico, the landlord’s or property manager’s information must be made available to the renter. § 47-8-19(A)

Security Deposit

Maximum Amount – There is no maximum amount a landlord may charge for a security deposit in New Mexico unless the lease duration is less than 12 months in which the landlord may only charge up to 1 month’s rent. § 47-8-18(A)

Returning to Tenant – The landlord is required to return the full security deposit within 30 days of the lease’s end. § 47-8-18(A)(1)

  • Itemized List – An itemized list is required if the landlord deducts the security deposit money to cover the costs for repairs or damages left by the tenants. § 47-8-18(C)

Collecting Interest – If a landlord requests more than 1 month’s rent for a security deposit, they are liable to collect interest on the deposit equivalent to the passbook interest on a savings account. § 47-8-18(A)(1)

Landlord Access

General Access – A 24-hour notice is required if a landlord needs to access the property for maintenance or repairs. § 47-8-24(A)

Emergency Access – No notice is required to be given to a tenant if a landlord needs to enter the unit for an emergency. § 47-8-24(B)

Paying Rent

Grace Period – In New Mexico, there is no grace period for late payment, so if a renter does not pay on time, they may be served a 3-day notice to pay or quit. § 47-8-15(B)

Maximum Late Fee – In the state of New Mexico, a landlord may charge a maximum late fee of 10% of the monthly rent. § 47-8-15(D)

Returned Checks (NSF) – If a tenant’s rent check bounces, the landlord may charge a $20 fee. § 14.5.5.15(A)

Withholding Rent – If the unit’s condition is not habitable, the renter may withhold 100% of the rent due until the unit is fixed. If the unit needs repairs and the landlord does not address the issues, the renter may withhold up to 1/3 of the month’s rent. § 47-8-27.2(A)

Reasons for Eviction (4)

Non-Payment of Rent – If a tenant fails to pay the rent, then they may be served a 3-day notice to quit or pay. § 47-8-33(D)

Non-Compliance – If a tenant violates the lease agreement terms, they may be served a 7-day notice to quit or comply. § 47-8-33(A-C)

Lockouts – A court order is required to lock a tenant out of their rental unit, and the landlord is prohibited from doing so without the order. § 47-8-36(A)

Leaving Before the End Date – The tenant is responsible for paying rent until the lease ends. If the renter abandons the property, the landlord has the right to re-rent the unit § 47-8-34 and must make a reasonable effort to do so. § 47-8-6