Whether you are a tenant looking to rent a house, mobile home or apartment, or a landlord looking for a suitable tenant, it pays to know the law. In the land of enchantment, this law is called the law on the owner-resident relations of the New Mexico.
Without a working knowledge of what is expected and required of landlords and tenants, chances are a dispute will arise somewhere along the way. The key to avoiding problems is to make sure both parties know the “rules of the road”. Although the laws can be complicated and sometimes difficult to understand, there are some basics that landlords and tenants should know.
Rental vs month-to-month. Landlords and tenants looking for stability typically opt for a lease, which is an agreement that spans a specific period of time. Un locataire qui signe un bail d’un an à 900 $ par mois s’engage en fait à payer au propriétaire 10 800 $ sur une période de 12 mois. À moins que l’une des parties ne viole l’accord, les deux sont obligées d’honorer l’engagement pendant les 12 mois complets. D’autre part, une location au mois est un accord qui peut être annulé par l’une ou l’autre des parties à tout moment.
LATE FEE. Des frais de retard ne dépassant pas 10 % du loyer mensuel peuvent être facturés pour chaque mois de retard de loyer. Landlords typically give tenants a grace period of three to five days before late fees go into effect.
SECURITY DEPOSITS. Security deposits are intended to cover the cost of repairs necessary to restore the property to the condition it was in at the start of the lease, normal wear and tear notwithstanding. It is not intended to be used as last month’s rent. According to the law, “A landlord is entitled to require the resident to make a reasonable deposit to be applied by the landlord to recover damages, if any, caused to the premises by the resident during his stay”.
In the case of a contract lasting less than or equal to one year, the deposit cannot exceed one month’s rent. The law also states that “the landlord must provide the resident with a detailed written list of security deductions and the balance of the security deposit, if any, within thirty days of the date of termination of the tenancy agreement or departure of the resident.” , depending on the date chosen. is later. Owners who violate this provision are barred from retaining any portion of the deposit and could be subject to a civil penalty of $250, plus attorneys’ fees.
NOTICE. The law is very specific on how and when notices of termination must be given. In the case of a month-to-month agreement, the law stipulates that “The owner or the resident may terminate a month-to-month residence by giving written notice to the other at least thirty days before the date of the periodic rental indicated. in the notice. Put simply, this means that a tenant whose rent is due on the first day of July must give the landlord notice by that day if they want the agreement to end on July 31. If notice is given on July 2, for example, the agreement will remain in place until August 31 unless the parties mutually agree to waive the law.
Rules regarding pets, additional occupants, repairs, smoking on the premises, parking, and the dozens of other possible provisions should be clearly spelled out in the agreement. Both parties should also document the interior and exterior condition of the property using room-by-room checklists, photos and videos prior to the move-in date so that there is no dispute over the condition of the property upon departure.
Landlords and tenants who enter into lease and tenancy agreements are entering into legally binding contracts that can be enforced in court, so be sure to read and understand the contract carefully before signing it. Additionally, both parties are subject to state and federal laws, including the Americans with Disabilities Act, and should familiarize themselves with the basics of each before signing on the net.
A copy of the law can be downloaded from the New Mexico Department of Regulation and Licensing at http://www.rld.state.nm.us/uploads/files/00%202019%20NM%20Uorra%20 -%20Chapter%2047%20-%20for%20web%20publication.pdf.
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Gary Sandler est agent immobilier à temps plein et président de Gary Sandler Inc., agents immobiliers à Las Cruces. He enjoys answering questions and can be reached at 575-642-2292 or [email protected]