NM Short Term Rental Agreement: What You Need to Know

As the popularity of short-term rentals continues to grow, many property owners in New Mexico are looking to rent out their homes on a short-term basis. However, before doing so, it is important to have a clear understanding of the legal requirements for short-term rentals in the state. This article will provide you with all the information you need to know about NM short term rental agreements.

What is a Short-Term Rental Agreement?

A short-term rental agreement is a legal document that outlines the terms and conditions of a short-term rental. This agreement is a binding contract between the property owner and the tenant, ensuring that both parties understand their responsibilities during the rental period. These agreements typically cover the rental period, rental price, security deposit, cleaning requirements, and other important details.

Do I Need a Short-Term Rental Agreement in New Mexico?

Yes. If you are renting out your property on a short-term basis (30 days or less), you are legally required to have a short-term rental agreement in place. Without a legal agreement, there is no clear understanding of the terms and conditions of the rental, which can lead to disputes and legal issues down the road.

What Should be Included in a Short-Term Rental Agreement?

A short-term rental agreement should include the following:

– Names and contact information of both the property owner and tenant

– Property address

– Rental period

– Rental price and payment terms

– Security deposit amount and refund terms

– Cleaning expectations and responsibilities

– Rules and regulations for the property, including any noise restrictions, smoking policies, and pet policies

– Liability waiver

It is important to note that short-term rentals in New Mexico are subject to state and local taxes. Your rental agreement should include a clause indicating that the tenant is responsible for paying these taxes.

How to Create a Short-Term Rental Agreement

Creating a short-term rental agreement can be complex, especially if you are not familiar with legal language and requirements. It is highly recommended that you work with an attorney or seek out a template agreement online to ensure that your rental agreement is legally binding and covers all necessary details.

In conclusion, if you are planning on renting out your property on a short-term basis in New Mexico, you must have a clear understanding of the legal requirements and obligations involved. A short-term rental agreement is a crucial piece of documentation that protects both parties and ensures a smooth rental experience. Seek out legal advice or templates to ensure your agreement is accurate and binding.