what's a legal amount of deposit a reatlor company or landlord can charge? some say they can charge more than a months rent? is that legal?

Asked by Natalie Fredette, Albuquerque, NM Thu May 16, 2013

The NM attorney generals webpage clearly states that landlords cannot charge more than one month's rent deposit amount, so how can realtors/landlords say they will charge extra deposit exceeding the one months rent amount allowed by law? thanks for clearing up.

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Natalie Fred…, Renter, Albuquerque, NM
Thu May 16, 2013
Thank you guys for your input!

So if a landlord states there is one months rent's worth of deposit PLUS any extra "pet deposit" as added charge to the deposit, if the lease is for ONE year or less, I am understanding that it would not be legal? or is there a loophole that allows for extra pet deposit?

Ill read though the web link as well. thanks again.
0 votes
Steve Quinta…, Agent, Albuquerque, NM
Thu May 16, 2013
The AG's webpages states: "By law, a landlord may not ask for a deposit greater than one month's rent UNLESS the lease is for more than a year." Caps added.

The best way to understand the landlord-tenant law is to look at the law itself, NMSA 47-8-1 through 47-8-51, the "Uniform Owner-Resident Relations Act", see: http://www.thelpa.com/lpa/landlord-tenant-law/new-mexico-lan…
0 votes
Dismas Deslo…, Agent, Santa Fe, NM
Thu May 16, 2013
A landlord cannot charge a tenant more than one month’s rent as a deposit on any rental agreement of less than a year. If the rental agreement is for a year or more, the landlord may collect a deposit of more than one month’s rent; however, if he or she does so, he or she must pay the tenant current passbook interest on the whole deposit.
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