The New Mexico commercial lease agreement allows a tenant or business to rent office, retail, or industrial space. This type of contract can only be used by business or commercial entities and outlines the terms and conditions of renting and maintaining a commercial space.
New Mexico Commercial Landlord/ Tenant Law
- The different types of commercial leases that are available will determine who pays which expenses on the property. A tenant may be responsible for paying rent, utilities, taxes, and insurance, depending on the type of agreement that they sign.
- A percentage lease is an option that allows the tenant to pay less rent per month, but when they are making a profit, they have to give the landlord a percentage.
- If the property was built before 1978, the landlord will need to disclose that there is a possibility of lead-based paint on the premise. This substance can be hazardous to the tenant’s health as well as others, so they need to be aware of it if they are going to be doing business from the location.