Facts about the Rental Agreement NM PDF template
Contents
- 1 Facts about the Rental Agreement NM PDF template
- 2 What is the Rental Agreement NM PDF Form Used For?
- 3 When Should You Use a Rental Agreement NM PDF Form?
- 4 When Should You Use the Rental Agreement NM PDF?
- 5 What Are the Consequences of Not Using the Rental Agreement NM PDF?
- 6 Steps for Filling Out the Rental Agreement NM PDF Form
- 7 Quick Questions
What is the Rental Agreement NM PDF Form Used For?
There are at least two parties in every contract. Whenever you’re renting your property out, you’re entering a contract with a ‘lesser’ or tenant. In this scenario, you’re considered to be the ‘lessor’. While each party has rights that are set forth by the New Mexico Housing Authority, laying out the terms of the agreement is crucial so there isn’t any ambiguity about the tenant or landlord’s obligations.
Any landlord who is showing a property to prospective tenants who are interested in occupying the property on a month-to-month basis should look for a state-specific rental agreement form that conforms with all of the laws and doesn’t have any illegal clauses that could spell trouble.
Oral contracts are deemed to be acceptable in New Mexico, however, there isn’t any denying how risky and expensive entering an oral contract with a tenant can be. Properties hold significant value and there’s even more value in streamlining rental income, but that could be lost if there is not a formal, written, and detailed rental agreement in place before you hand over the keys. Some of the terms and obligations covered in a good rental agreement include:
- Rental amount
- Due date
- Late fee
- Advance written notice requirements to vacate
- Security deposit
- Party responsible for utilities
- Rules for occupants in the dwelling
- Pet addendums
- Prohibiting use of liquid filled furniture
- Assigned parking details
- Condition of premises
- Property maintenance
- Lead notifications
- Insurance
When Should You Use a Rental Agreement NM PDF Form?
Only landlords who reside in New Mexico really need to worry about finding the right rental agreement form to use that will cover all of the bases. If you’re the tenant and you’re worried about the type of rental agreement form you’ll be signing, drafting that document if the responsibility of the landlord.
Any tenant dealing with a property owner who doesn’t have a professional and detailed rental agreement drafted should reconsider living on the premises. Since there are a lot of different clauses and addendums that needs to be added for commercial rentals, it’s best only to use a free rental agreement form for single-family residential agreements.
When Should You Use the Rental Agreement NM PDF?
At the beginning of any rental term, you should set aside time to meet with your new tenant. During this meeting, you can discuss expectations and start building upon your new tenant-landlord relationship. It’s also an important time to collect any money due prior to your tenant moving in.
Before the meeting with your tenant, you should have your PDF filled out and ready to be printed. All of the specific details that pertain to your agreement should be typed into the PDF form. The document should be saved as a digital file in a safe and protected location. It should also be printed so that you can make sure everyone understands the agreement and get wet signatures from each party before you give over the keys.
What Are the Consequences of Not Using the Rental Agreement NM PDF?
Using an easy-to-fill-out form could be the difference between a smooth experience and a disaster when you’re renting in New Mexico. Your tenants could have come off as the nicest people you had ever met when you meet them, but when there are disputes or they are being charged fees for damage or late rent, attitudes can change and new personalities can come to light.
Filling out a rental agreement PDF form where the terms are already written out doesn’t take long. For the nominal amount of time you spend filling in the blanks, you can avoid a long list of time-consuming and sometimes financially disastrous consequences. According to the state of New Mexico’s Legal Aid Department, here are some of the consequences of not having a written rental agreement:
- There is no clear agreement in place which can lead to disputes on who is responsible for repairs, leaving you to fix everything
- Disputes over late fees for late rent or how deductions will be made from security deposit
- Ability to only find unstable tenants who don’t have intentions of paying or staying in the premises for long
- Disputes that can result in expensive and long legal battles where the property is tied up and can’t be rented to a new tenant
Steps for Filling Out the Rental Agreement NM PDF Form
1. Enter each property owner’s name under ‘Landlord/Lessor/Agent’ field.
2. Enter the property address and the name of the city where ‘Resident’ will ‘Reside’.
3. TERMS – Enter the cost of rent per month and the day in which rent is due. Also, enter the start date of the agreement and whether this is a leasehold agreement or month-to-month agreement.
4. PAYMENTS – Enter other charges, first month’s rent, security deposit required, and total to be collected.
5. SECURITY DEPOSIT – Enter how many days the landlord has to refund security deposit after vacating.
6. LATE CHARGE – Enter fixed fee to be charged when payments are made after a specified day of the month.
7. UTILITIES – Enter the utilities that will be paid by the lessor.
8. PETS – Enter the amount of pet deposit required and amount of pet rent to be charged (if applicable).
9. PARKING – Enter the space number or arrangements for tenant parking.
10. EXCEPTIONS – Enter any additions to the agreement or exceptions from the form here
11. NOTICES – Enter your mailing address for notices to be sent to the landlord.
12. INVENTORY – Enter a list of any items that belong to the landlord within the dwelling.
13. KEYS – Check off the items that the tenant received when the agreement was signed.
14. SIGNATURES – Gather signatures for the tenant, landlord/agent with dates.rental-agreement-nm