New Mexico Rental Agreement

New Mexico Rental Agreement Forms

The New Mexico Rental Agreement form can be helpful if you are trying to rent your property in a hurry. Also known as a month-to-month lease or a "tenancy at will", this form can be used instead of the New Mexico Lease Agreement when you want to make a short term rental arrangement. Unlike most lease contracts, rental agreements can be terminated by the landlord or tenant by providing a Notice to Vacate in accordance with New Mexico law.

New Mexico Rental Agreement - What should I Know?

The form you'll want to use depends on your specific circumstances, and most New Mexico property management companies use New Mexico residential lease agreement forms that last for a fixed term and then automatically continue unless the tenancy is terminated by the landlord or tenant. Some property managers start with a rental agreement and then sign a lease once they know they have good tenants. You can use property management software to collect rent online and get paid on time after you have reached an agreement.

Rental Agreements are often oral and while they can provide freedom and flexibilty for both landlords and tenants,the variability can come with its own disadvantages. For example, a tenant may prefer not to commit to a fixed period (they may be in between jobs or going to school), but this allows for the possibility of rent increases or a notice to vacate from the landlord, which would otherwise not be possible with a long term New Mexico rental lease agreement.

New Mexico Rental Agreements and Landlord Tenant Laws

The first thing you must figure out about your New Mexico Lease Contract is whether you are dealing with a periodic tenancy or a tenancy at will. A lease contract typically lasts for a fixed period in exchange for rent whereas a tenancy at will can last indefinitely. Lease agreements can only be terminated using a notice to quit form when there is a breach in contract whereas a rental agreement can be terminated at any time using the New Mexico Notice to Vacate form. In the absence of a written lease agreement, New Mexico law requires landlords to notify tenants to vacate the property at least 30 days in advance if they want to terminate the tenancy. If the tenant is terminating the rental arrangement, they are required to notify landlords at least 30 days in advance.

New Mexico Rental Agreements - What else should I know?

The New Mexico Rental Agreement is suitable for short term arrangements, and if you are still considering a lease agreement, you should first use the New Mexico Rental Application and New Mexico Rental Credit Check form to gather basic information about your prospective tenants. For a low price of $20, TReXGlobal's tenant screening solution will make it easy for you to get leasing recommendations, credit reports, and criminal history for each tenant. If there is a breach in contract, you can terminate the lease using our New Mexico Notice to Quit form. Keep in mind that the New Mexico Lease Termination Notice is not the same as the New Mexico Eviction Notice, which can can only be issued by the court in an unlawful detainer lawsuit.

Download the FREE New Mexico Rental Agreement below, and be sure to let us know what you think!