N.M. Admin. Code § 16.61.24.14

Current through Register Vol. 35, No. 19, October 8, 2024

Section 16.61.24.14 - RESIDENTIAL TENANCY AGREEMENTS

There shall be a signed written tenancy agreement for each property or rental unit.

A. Tenancy agreements shall include, but not be limited to, the following:

(1) name of tenant;

(2) property address or legal description including unit number (if unit number is applicable);

(3) rent amount;

(4) security deposit and other deposit amounts;

(5) when and where rent is to be paid;

(6) date property possession began;

(7) date property possession ends;

(8) all fees charged to the tenant; and

(9) how payments are to be applied to outstanding expenses/charges.

B. The qualifying broker shall include a copy, either in hard copy form or electronically, of the New Mexico Uniform Owner-Resident Relations Act, with every written residential tenancy agreement. The qualifying broker shall obtain separate written or electronic confirmation from each tenant that the tenant has received such copy of the act. The qualifying broker shall make this confirmation available to the commission if requested.

C. If the property manager's name is on a lease as the agent of the property owner, and a new property manager takes over management of the property, the lease shall be assigned to the new property manager. The owner of the property must give written consent for assignment of the lease and the assignment must be acknowledged in writing by the qualifying broker.

N.M. Admin. Code § 16.61.24.14

16.61.24.14 NMAC - Rp, 16.61.24.14 NMAC, 1-1-2012, Amended by New Mexico Register, Volume XXIX, Issue 22, November 27, 2018, eff. 1/1/2019