New Mexico Lease to Own Agreement
The New Mexico Lease-to-Own Agreement, often referred to as an “Option to Purchase” agreement, outlines the terms and conditions agreed upon between a party interested in initially renting and potentially purchasing a home later, and the owner of the residential property. This contract includes several important clauses, such as a description of the property, the predetermined sale price of the home, the division of responsibility for maintenance and utilities, and many other important provisions.
This type of arrangement provides flexibility for tenants who may need time to improve their financial situation or credit score before committing to a property purchase. Meanwhile, property owners have the opportunity to secure a future buyer and earn consistent rental income during the lease term.
NM Rental-Purchase Agreement Act – §§ 57-26-1 to 57-26-12