Need a Property Rentals / Apartments For Rent Contract in New Mexico? AroundWire Can Help

In New Mexico, contracts for property rentals and apartments for rent are governed by the Uniform Owner-Resident Relations Act (UORRA), which establishes key legal requirements for lease agreements. Typical contracts must clearly specify the rental amount, payment due dates, security deposit terms (capped at one month’s rent for leases under one year), and the responsibilities of both landlord and tenant for repairs and maintenance. Landlords are required to provide habitable premises and comply with all applicable building, housing, and health codes. There is no statewide landlord licensing, but local jurisdictions (e.g., Albuquerque) may impose registration or inspection requirements. Insurance coverage, such as landlord liability and property insurance, is common but not mandated by law; tenants are often encouraged to carry renters’ insurance. Payment terms usually require rent in advance, with late fees restricted to reasonable amounts. Risk factors include potential liability for hazardous conditions, failure to deliver possession, and compliance with anti-discrimination laws under both federal and state statutes. Dispute resolution often defaults to small claims or magistrate courts, though some contracts encourage mediation or arbitration. Contracts should also address notice periods for termination (typically 30 days), procedures for handling abandoned property, and the process for returning security deposits (within 30 days of lease end). Local ordinances and the UORRA substantially influence contract structure, making careful compliance essential for enforceability and risk mitigation.