New Mexico Lease Agreement with ezSign

New Mexico Residential Lease Agreement

New Mexico Landlords need a Lease Agreement that is state-specific, which means it complies with all NM Lease laws. Here’s how we make it EZ for Landlords to create a thorough, state-specific Rental Contract:

1. Landlords follow user-friendly prompts to customize their Lease Agreement online.
2. As you build your Lease, you’ll get State Assist tips that point out important state laws.
3. All New Mexico-required terms, clauses, and disclosures are automatically included in your Lease Package
4. Add additional documents, addendums, or disclosures with just the click of a button.
5. Once it’s completed, you and the Tenants can sign the Lease online using our electronic signing tool, ezSign
6. Your signed Lease is automatically stored securely on the cloud with our ezCloudStorage. It’s also EZ to print or download as a PDF.

Landlord-Tenant Laws

Our New Mexico Lease Agreement AUTOMATICALLY COMPLIES with all New Mexico Lease laws.

But, we know pro Landlords want to be familiar with Landlord-Tenant laws when managing their property.

Category	State Law
Ending and Renewing	Month-to-Month: The Tenant or Landlord must give written notice to the other at least 30 days prior to the periodic rental date as specified within the notice. Fixed Term: The Tenant or Landlord must give written notice to the other as specified within the Lease or at least 30 days prior to the termination of the Rental Agreement.
Security Deposit	If the duration of the Lease is: Less than 1 Year: The Landlord cannot demand or receive a deposit that is more than the amount of 1 month’s rent. 1 Year or Greater: A Landlord may demand a reasonable deposit from the Tenant, which may be used to cover the cost of any damages caused to the premises by the Tenant during the term of residency. Under an annual rental agreement, if the Landlord receives a deposit from the Tenant in an amount greater than one month’s rent, the Landlord is required to pay the Tenant annual interest equal to the passbook interest permitted to savings and loan associations in New Mexico. Please Note: If the landlord demands prepaid rent for the last month of the tenancy, such an amount is not considered a deposit.
Returned Payment Fee	There are no statutory limits placed on a fee for a returned payment, however, such fees should remain reasonable and related to the Landlord's actual expenses incurred.
Late Fee	The Landlord may charge a late fee that does not exceed 10% of the total rent payment for each rental period that the resident is in default.
Insurance Requirements	Landlords may require Tenants to obtain rental insurance.
Notice to Enter	Landlords are required to give at least 24 hours' notice for nonemergencies.

Contact your local housing or zoning office to be sure your rental property complies with city and county requirements for inspections, rent control, occupancy limits, property codes, and zoning. Many cities and counties require inspections and registrations and have specific maintenance regulations.

Required Disclosures

Frequently Asked Questions

Does a New Mexico Lease Agreement need to be notarized?

No, New Mexico Lease Agreements do not need to be notarized. As long as they’re signed by both parties they’re considered legally binding and fully enforceable

How much can New Mexico Landlords raise the rent?

New Mexico has no limitations on how much Landlords can raise the rent. However, Landlords must give notice of at least as long as the frequency wi th which Tenants pay rent. For example, Landlords must give a month’s notice if Tenants pay rent once a month.

Does Microsoft Word offer a Rental Agreement template?

Yes, there is a basic Lease template available on Microsoft Word. However, it’s important to note that this simple, fillable Lease is not state-specific or customizable to your property. To make sure you get the most out of your Lease and have complete protection, it’s important to use a customizable, state-specific Lease Agreement.

What’s the standard Lease term in New Mexico?

The standard Lease term is one year (12 months). However, shorter and longer Lease terms are accepted as long as the term is clearly stated in the Lease and agreed upon by both parties.

To meet every Landlord’s needs, we offer short-term Lease Agreements, long-term Leases, Month-to-Month Rental Contracts, and Vacation Rental Contracts.

Who needs a Lease Agreement in New Mexico?

Anyone who rents real estate needs a Lease Agreement. This is true whether it’s a single-family home, duplex, condo, or apartment.

The Lease is what protects the Landlord if problems arise with the Tenant. Plus, it’s what outlines all rules and responsibilities and lays the foundation for the Landlord-Tenant relationship. This is why it’s vital to always have a good Lease Agreement.

While a generic, basic Lease is better than nothing, a simple Lease template, like the one offered by the New Mexico Association of Realtors, can leave a Landlord, or lessor, unprotected. To protect their investment and get the most out of their rental, it’s vital for Landlords to use a thorough, customized state-specific Lease.

New Mexico Rental Forms and Templates

• Rental Application: Our Free Rental Application makes it EZ for Landlords to start the screening process. It gathers important info from Applicants and gets the necessary authorizations to run important screening reports. For example, a credit report, criminal history background report, and eviction history report. Start screening or view sample reports here.
• Move-In/Move-Out Walkthrough Checklist: This customizable checklist is the best way to document the condition of your rental property at move in and move out. If you collect a security deposit from Tenants, this form is a must!
• Tenant Welcome Letter: Our Tenant welcome letter lets Landlords share important information with renters about their new home. This is a great way to establish good Landlord-Tenant communication from day 1!
• Rent Ledger: It’s important for Landlords to keep good records. This ledger makes it EZ for Landlords to stay organized and have documentation of rent payments for all rental properties.
• New Mexico 3-Day Notice for Nonpayment of Rent: This notice should be used if a Tenant is late on rent beyond any applicable grace period.
• New Mexico 7-Day Notice to Comply (1st Violation): This notice is for Lease violations other than nonpayment of rent. It gives a Tenant 7 days to resolve the issue.
• New Mexico 7-Day Notice to Vacate (2nd Violation): If a Tenant violates the Lease Agreement for reasons other than nonpayment of rent twice within six months, Landlords should use this notice.

Need another form? Search our library of over 400 Landlord forms!

Other State Lease Agreements

If you Lease real estate in multiple states, you’ll need a state-specific Lease Agreement for each rental unit. That’s why we have state-specific Leases for all 50 states!

Need another state’s Lease Agreement? We have them all!

Create New Mexico Lease Agreement