New Mexico rental property owners, landlords and property managers need to use rental agreements and legal notices to follow the New Mexico landlord tenant laws. A free, state-specific New Mexico lease is included in your ARPOLA membership along with the New Mexico legal notices and forms you will use most often. Should you decide to use a different lease, listed below are terms and conditions you should include to help you meet the minimum requirements.
NOTICE PERIOD TO TERMINATE TENANCY:
RENT INCREASE NOTICE:
30 days before rent due date
SECURITY DEPOSIT LIMITS:
One months’ rent for leases lasting less than one year
No limit for leases of one year or more
NOTICE PERIOD FOR TERMINATION FOR NONPAYMENT:
30 days and landlord must accept rent and costs any time up to the day of the trial
NOTICE PERIOD FOR TERMINATION FOR LEASE VIOLATION:
NOTICE FOR UNCONDITIONAL QUIT:
Landlord must state late fee policy in the lease or rental agreement and may not exceed 10%of the rent specified per rental period. Landlord must notify the tenant of the landlord’s intent to impose the charge no later than the last day of the rental period immediately following the period in which the default occurred.
Information Current as of 07/2011
How Can Becoming an ARPOLA Member Help You With Lease Clauses?
- Save money. Buying a state lease from most associations costs $15.95 or more plus most landlords and rental property owners often need additional legal forms that can be $9.95 each.
- Legal Leases and Notices. ARPOLA’s free rental agreements are developed and maintained by US Legal Forms attorneys.
- Save time. No need to search for the best lease at a low price. Join ARPOLA and have complete access to leases for all 50 states that can be edited in Word.
- Join and renew once per year. No need to pay for any leases or per use. Download any lease in any state–it’s included in your membership dues.