Need a Property Rentals Contract in New Mexico? AroundWire Can Help

Property rental contracts in New Mexico are governed by both the New Mexico Uniform Owner-Resident Relations Act and relevant local ordinances, which set clear expectations for lease terms, disclosures, and tenant protections. Typical contracts must specify the rental period (fixed-term or month-to-month), rent amount and payment schedule, security deposit terms (with a statutory limit of one month’s rent for leases under one year), and maintenance responsibilities. State law requires landlords to disclose the identity of property owners and managers, and to ensure the property meets basic habitability standards. Commercial property rentals may involve additional considerations, such as ADA compliance and zoning approvals. Insurance is a common contractual requirement, with landlords typically mandating proof of liability insurance from tenants. Risk factors include property damage, non-payment, and regulatory violations, so contracts often include clauses addressing indemnification, remedies for breach, and procedures for property inspections. Payment terms are usually net 30 days for commercial rentals, but may vary. New Mexico contracts commonly stipulate that disputes will be resolved via state courts, though mediation or arbitration clauses are sometimes included. Local statutes prohibit certain lease provisions, such as waivers of tenant rights or retaliatory eviction clauses. Licensing is generally not required for landlords, but property managers must be licensed real estate brokers. Compliance with local fire and safety codes is also essential.