A New Mexico rent-to-own agreement is a contract between a landlord and tenant for the lease of a property that also includes an option for the tenant to purchase the property in the future. Usually it will be structured to as a standard lease agreement with the purchase option included as an additional section. The terms of both the lease and the purchase option can be determined by applicable state law and negotiations between the parties.

Seller Disclosures

In the event that the tenant decides to purchase the property, the landlord must make these disclosures ahead of the sale.

Lead-Based Paint Disclosure – Federal law requires this disclosure for sales of properties with units erected before 1978.

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Estimated Property Tax Levy – Under § 47-13-4 of the New Mexico Statutes, sellers must have a county assessor estimate the tax burden of the property to be sold, and provide a signed copy of the estimate to the purchaser.

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Seller’s Property Disclosure Statement – Though not technically required under New Mexico statute, this form is a recommended way of meeting the common law obligation to disclose conditions materially affecting the value of a property.

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