Commercial Lease Laws in New Mexico
Don't sign a lease in New Mexico until you understand the local statutes, tax implications, and common landlord traps.
Key Statutes & Considerations
Landlords pay GRT on rental income and typically pass this cost (~5-9%) directly to the tenant.
Common Red Flags in New Mexico
Commercial real estate in New Mexico typically favors the landlord in standard lease drafts. Whether you are in Santa Fe or elsewhere, you need to watch out for:
- Uncapped NNN Charges: Variable costs like property taxes and insurance can skyrocket.
- Broad Indemnification: Clauses that require you to pay for the landlord's negligence.
- Relocation Clauses: Rights for the landlord to move your business to a worse location.
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Frequently Asked Questions
Is a Triple Net (NNN) lease legal in New Mexico?
Yes, NNN leases are the industry standard for commercial retail and office space in New Mexico. They shift the burden of property taxes, insurance, and maintenance to the tenant.
Can I negotiate my commercial lease in New Mexico?
Absolutely. Unlike residential leases, commercial leases are presumed to be negotiated between equal parties. Never sign the first draft.