New Mexico Apartment Lease Agreement

Use our customizable New Mexico Apartment Lease Agreement template to ensure you adhere to state laws.

Legal Aspects 

On the legal front, it’s important to note that apartment lease agreements in New Mexico are governed by state landlord-tenant law. This law protects both parties and outlines the legal remedies available in a dispute. 

For instance, landlords cannot arbitrarily evict tenants without proper cause and due process. In contrast, tenants are legally obligated to pay rent and adhere to the New Mexico Apartment Lease Agreement terms. Both parties should familiarize themselves with these laws to ensure a smooth and lawfully compliant leasing experience.

Security Deposit 

• Security Deposit Amount: The security deposit can’t exceed one (1) month’s rent for leases less than a year. For leases of a year or more, the deposit can be more.
• Interest on Security Deposit: Landlords must annually pay tenants the equivalent interest they’d earn if the deposit were in a state savings and loan account.
• Deposit Return: Landlords must return the security deposit within 30 days of New Mexico Apartment Lease Agreement termination. They can withhold part of the deposit for unpaid rent, property damage beyond normal wear and tear, or lease violations. If any amount is withheld, landlords must provide an itemized statement to the tenant within 30 days.

Entry and Access 

• Standard Access: Landlords must provide a 24-hour notice before entering the property for inspections or maintenance tasks.
• Emergency Access: In emergency situations, landlords have the right to enter the property without prior notice to the tenant.

Pets Policy 

Here are some common stipulations and restrictions often found in New Mexico Apartment Lease Agreement pet policies:

• Pet Type: Landlords might restrict the kinds of animals permitted, such as dogs, cats, or small animals in cages. Certain breeds or species might also be prohibited.
• Pet Quantity: There might be a limit on the number of animals allowed in each unit.
• Size and Weight: Some policies might impose restrictions on the size or weight of animals, especially dogs.
• Pet Deposit or Rent: An additional deposit or monthly charge might be required to account for potential damages caused by animals.
• Vaccinations and Licenses: Tenants might need to show proof of their pet’s vaccinations and local licenses.
• Spaying/Neutering: Some policies might mandate that pets be spayed or neutered.
• Noise and Behavior: Landlords might enforce rules regarding pet behavior, such as excessive noise, and might require pets to be leashed or controlled in shared spaces.

Disclosures 

• Identity Disclosure: It’s a requirement for landlords to provide tenants with the contact information of all individuals who are authorized to enter the property for maintenance or to post notices. This is by New Mexico Statute law.
• Lead-Based Paint Disclosure: In compliance with federal law, landlords must inform tenants about the potential hazards of lead-based paints if the rental property was constructed before 1978.
• Late Fee Disclosure: In the state of New Mexico, any late fees that have been agreed upon in the written lease agreement will be enforced. However, the state has capped all late fees at 10% for any overdue payments.

You can also include the following recommended disclosure; however, they’re not required by state law.

• Smoking Policy
• Mold Disclosure
• Move-in Checklist
• Asbestos
• Medical Marijuana
• Bed Bugs Disclosure
• A Shared Utilities Disclosure
• Non-Refundable Fees