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Realtors Association of New Mexico Residential Rental Agreement 2018

The Realtors Association of New Mexico (RANM) has recently released their updated residential rental agreement for the year 2018. This agreement is designed to provide renters and landlords with a clear set of guidelines and expectations for their lease agreement.

One of the key features of the RANM residential rental agreement is the inclusion of a section on security deposits. This section outlines the process for determining the amount of the security deposit, including any deductions that may be taken for damages or unpaid rent. It also specifies the timeframe for returning the security deposit at the end of the lease.

The agreement also includes provisions for maintenance and repairs, outlining the responsibilities of both the landlord and the tenant. This includes details on what constitutes an emergency repair, as well as a timeline for non-emergency repairs.

Additionally, the RANM residential rental agreement includes information on the rental application process and the screening of potential tenants. This section outlines the criteria that landlords can use to evaluate potential renters, including credit history and criminal background checks.

Importantly, the RANM residential rental agreement also includes provisions for the termination of the lease. This section specifies the notice required for both the landlord and the tenant, as well as any penalties for early termination.

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Overall, the updated residential rental agreement from the Realtors Association of New Mexico provides both landlords and tenants with a comprehensive set of guidelines for their lease agreement. By following these guidelines, both parties can have a clear understanding of their rights and responsibilities, leading to a more successful and harmonious rental experience.