New Mexico lease refers to a document signed by the landlord and the tenant which lays down the various terms and conditions governing a lease of a property in the state of New Mexico, US. In New Mexico, a landlord can charge a security deposit of one month’s rent for a lease term of one year or less. The landlord can charge a bigger amount if the lease term is for more than one year but needs to keep the amount in an interest bearing account. The deposit and the interest must be returned to the tenant when he or she moves out.
The landlord must ensure that the house is well-maintained and follows all the safety codes. The tenant must also make sure that he takes care of the house and does not damage the property. The landlord must provide a day’s notice to the tenant before he enters the rented property unless it is an emergency.
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Sample New Mexico Lease Agreement
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