Yes, a contract to lease is binding in New Mexico. The landlord is required to present the tenant with a contract that is written and signed (NM Stat § 47-8-20(G) (2019)). Once the contract (or lease) has been signed by both parties, it is enforceable.
This means that the tenant and landlord are bound by the terms in the lease, and a failure to comply could mean legal action.
The information for this answer was found on our New Mexico Residential Lease Agreement answers.