TurboTenant’s New Mexico lease agreement has been written and reviewed by Washington lawyers and landlords. It’s been drafted to keep you compliant and covered as you rent out your property.
Click this link to see an example of the New Mexico Lease Agreement.
NM Lease Agreement Overview
The New Mexico lease agreement is split up into three sections.
Section 1 contains information specific to you, your tenants, your rental property, and the details of your lease. This is all information that you add during the lease creation process in TurboTenant.
Section 2 contains clauses in accordance with New Mexico law. In order to stay compliant with the law, you will not be able to edit any details in Section 2.
Section 3 contains general clauses for landlords in the United States. It was drafted with best practices in mind for the landlord, tenant relationship. Like Section 2, you will not be able to edit these details.
While you may not edit all of the specifics directly, remember you can add additional provisions that supersede any existing language in the lease by using the Additional Provisions section. This gives you customization and flexibility should you have unique things you want to ensure are covered in your lease.
Section 1 - Custom to You
Section 1 contains the custom details relevant to you, your tenants, and your rental property— who is on the lease, rent amount, utilities, etc. You’ll add these details during the lease creation process
We’ve set up the lease agreement in a way that is easy for you and your tenants to understand. You’ll see the main details you’ve added to the summary table at the front of the lease agreement. The remaining items—like smoking, utilities, keys, etc.—are outlined in the rest of Section 1 as you can see in this example New Mexico Lease Agreement.
Here are a couple of other items in Section 1 worth mentioning:
Additional Provisions: this is where you can add any property specific rules, necessary local clauses, or other specifics you want to include. We recommend that you review any additional provisions with a lawyer.
Lost Key: if your tenants do not return all keys to you when they move out then they are required to pay for the full cost of rekeying the property.
Section 2 - Specific to New Mexico
Section 2 includes language that is specific to New Mexico. In order to help make sure you stay compliant with local laws, we’ve not allowed you to edit the details here.
There are some clauses in Section 2 that we wanted to call out so you understand how it affects you and your tenants.
Late Fees - Section 2.1
Rent is due in full on the first day of each and every month. If the rent is not received on or before the 1st day of the month, you may charge your tenants a late fee of up to 10% of the total unpaid rent amount. So for example, if today is the 2nd and it's a Saturday and your tenants have not paid their $1,000 monthly rent amount, then you may charge them a late fee of $100.
Security Deposit Provisions - Section 2.4
Security deposits requirements may vary quite a bit from state to state. In New Mexico:
A landlord shall not demand or receive a deposit in an amount in excess of one month's rent for a rental agreement of a duration less than one year.
For an annual or longer rental agreement, if a landlord demands or receives a deposit in an amount greater than one month's rent, the landlord shall pay interest to the tenant annually.
Security deposit returns in New Mexico also have some unique rules:
Within 30 days after obtaining possession of the premises the landlord shall return to the tenant the security deposit which was deposited with the landlord by the tenant
Fair Housing - Section 2.11
Civil rights laws of the United States prohibit housing discrimination on the basis of race, color, religion, national origin, sex (including gender identity and sexual orientation), familial status and disability. There may be additional local ordinances that may include other protected classes. Please research protected classes in your county if there is a concern.
Notice of Domestic Abuse Protections - Section 2.17
A tenant has a defense to an eviction f the tenant can prove that the landlord knew, or should have known, the tenant is a victim of domestic abuse, sexual assault, or stalking and that the eviction action is based on conduct related to domestic abuse, sexual assault, or stalking. There is some additional detail that we've included, based on the law, in our lease agreement for New Mexico on this provision.
The clauses in Section 3 are standard to most lease agreements. Along with the rest of the lease agreement, we worked with experienced landlords to make sure you are following best practices in your lease agreement.
Subletting - Section 3.1
Your tenant is not at all allowed to sublease the rental property without your written permission.
Altering or Improving the Property - Section 3.2
Your tenant cannot make any alterations or improvements—like repainting—without your written consent. Unless agreed upon, when they move out, the property must be in the same condition that it was in when they moved in.
Choice of Law - 3.11
The rental agreement will be governed and construed in accordance to New Mexico's own laws. Also there is a requirement to consent to the use of the county courts in which the property is located.
Follow the Law (noise, drugs, etc.) - Section 3.14
Your tenant cannot break any law or ordinance (federal, state, or local) while on your rental property. This also includes a clause saying they are not allowed to be annoying or a nuisance to neighbors while on the property. Any of the above can be good grounds for terminating the lease agreement.
Missing something you want to make sure is included?
This article only includes an overview of some of the details included in the New Mexico Lease Agreement. You can read the whole agreement and double-check for specific details by clicking this link to see an example of the agreement
We wanted our lease agreement to handle the majority of use cases for landlords in New Mexico. However, we do know that some rental situations are unique. If there are other specifics you want to outline in the lease agreement, you can do so in the Additional Provisions section while creating your lease agreement in TurboTenant. We recommend that you review them with a lawyer to ensure you stay compliant with the law.
DISCLAIMER: This lease agreement is not warrantied, either expressly or implied, by TurboTenant, Inc. as to their effectiveness or completeness. TurboTenant, Inc. does not provide legal advice. TURBOTENANT, INC. AND ITS SERVICES, DOCUMENTS, RECORDS, AND PRODUCTS ARE NOT A SUBSTITUTE FOR THE ADVICE OF AN ATTORNEY. The user is advised to check all applicable state and federal laws before using this agreement, attachments, disclosures, forms, or parts thereof and to have them reviewed by competent legal counsel prior to use.