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A New Mexico rent-to-own agreement is a real estate contract between a seller and a buyer that establishes a temporary rental arrangement with a future option to purchase. In a rent-to-own situation, the buyer starts off as a tenant, with the seller acting as their landlord. The tenant would then, during the option period, have the option to purchase the property at the price set in the agreement.
The written agreement includes all the necessary terms and conditions that would normally govern a residential lease agreement and a residential purchase and sale agreement. However, some provisions are unique to this particular agreement, such as an option period (similar to the lease term), option fee, and rent credit.
Rental Laws – Ch. 47, Article 8 (Owner-Resident Relations)
Purchase Agreement Laws – Ch. 47, Article 1 (Conveyances and General Provisions) and Ch. 47, Article 13 (Real Estate Disclosure)
Disclosures (2) |
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1) Lead-Based Paint Disclosure If a rental property was constructed prior to 1978, this lead paint disclosure must be used to alert the tenant to the possibility of hazardous paint on the premises.
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At or before the start of the lease term, the tenant must be provided with the name, address, and phone number of the property manager and the property owner or a representative of the owner who is authorized to accept notices and demands from the tenant as well as service of process.
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