The New Mexico Standard Residential Lease Agreement is a legal document that contains the terms and conditions for renting a house. The lease agreement forms usually expire after one year after which the tenant can choose to renew or terminate. The new Mexico rental agreement contains details such as security deposits, pets, parking, utilities, repairs among other requirements that the state’s law demands.
Landlord Disclosures
The landlord is expected to provide their name, address, and contact information. The owner of the premises is required to furnish the property for the tenant. This is the same information that is required from the people who have been entrusted with the management of the property. The tenant is entitled to updates of any changes during their occupation of the rented space.
Properties that were built before 1979 have been found to contain lead-based paint and which is harmful to human health. Landlords are thereby expected to notify their tenants in advance.
Lateness
There is always a rent payment day that is always included in the new Mexico residential lease agreement and tenants are expected to pay on or before the due date. The law does not cover any stipulated time that has been allowed for payments to be made after the due date.
In case a fine has been included in the new Mexico residential lease agreement, it can be demanded by the landlord in case of delays in payments. The amount to be set for fines is not supposed to exceed 10% of the monthly rent.
Security Deposit
The landlord can only demand one month equivalent of rent for a security deposit if they have entered into a one-year or below contract. Any amount of money as long as it is seen as reasonable can be imposed as a security deposit for the new Mexico lease agreement and the law will have to authorize.
When the new Mexico lease agreement expires and the tenant does not want to renew, the landlord is supposed to return the deposit to the tenant within 30 days after vacating. The landlord can however use the security deposit to repair the house and give the balance within 30 days to the tenant.
Conclusion
The landlord should make known to the tenant any person that can access the premises on their behalf. If the house was built before 1978, the landlord should disclose the possibility of led paint to the tenant before they occupy the space.
