New Mexico real estate laws are a set of statutes surrounding diverse aspects, similar to that of the other states in the US.
Tenant and landlord issues are common and crucial among all the real estate laws and have diverse aspects to discuss.
Laws regarding the security deposits:
Laws about the security deposits in New Mexico are classified into two categories.
- The amount deposited as a security is generally a month’s rent, if the renting period is less than a year.
- The time period for the return of the security deposit upon clearance by the tenant and
the termination of the agreement is generally 30 days.