New Mexico, where Microsoft was founded in 1975 (back then it was “Micro-soft”). While it is more of a landlord-friendly state, that doesn’t mean there are no laws, or that landlords aren’t regulated. It is equally important as a landlord to understand your local laws.
At a Glance:
Late Fees: The fee charged may be no more than 10% of the rent.
Security Deposit: And that word again……reasonable unless the lease is less than one year, then no more than one months rent.
Returned Payment Fee Limit: There are no limitations outlined in the law, however, it is wise to keep them reasonable.
Notice to Enter: Landlord needs to provide a 24 hours notification before entering.
Late Fee/Returned Check Fee:
Late fee: There is a limitation on the late fee of 10% of the rental amount. It must be written in the lease.
Returned Payments: These are known by various names, bounced checks, NSF payments, etc., whatever they are called, there is nothing stated specifically in New Mexico law regarding them. However, writing a bad check in New Mexico may be a criminal offense.
If the rental agreement is less than one year, there is a limit of an amount equal to one month rent. However, for those leases that are more than one year, the amount must be reasonable. If a tenancy is more than one year, and the amount taken for a security deposit is more than a month, interest must be paid to the tenant annually.
The security deposit must be returned to the tenant within 30 days of lease termination or move-out. Deductions may be made for any unpaid rent or utility costs, and any damages a landlord suffers at the hands of the tenant.
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The Landlord is responsible for meeting the minimum housing codes that affect the safety and health of the inhabitants.
Right of Entry:
In the event the landlord needs to enter the unit for the purpose of making repairs, securing the property, or showing it to applicants, at least a 24 hour notice should be provided to the tenant.
Notice to End Lease:
To end the tenancy arrangement in New Mexicp
- Lease with an ending date: There is no notice needed, it just ends.
- Month to Month: Landlord or Tenant will send a written 30-day advance notice to the other.
- Week to week lease: Either party needs to provide to the other a seven day notice.
Did your tenant fail to pay rent? In order to get the eviction ball rolling, the landlord will need to first send a 3-day termination notice once the rent is late. If your tenant pays it in full before the end of that 3 days, no court. If not, landlord will file paperwork in court to start a legal eviction.
For violations, other than non-payment, the notice time is 7 days giving the tenant a chance to fix or stop the behavior, but if the tenant does the same thing again within 6 months of the first offense, a 7 day notice to quit is given. This means that the tenant can no longer fix the issue. It is move-out or be legally forced to move out.
Questions? Ask an Attorney!
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