The most important source of information about the rights and responsibilities of residential landlords and tenants is the written lease agreement. Some landlords prefer oral agreements, but it is more common for them to require the tenant's signature on a written lease—and a written lease protects the tenant more than an oral agreement. Be sure to read the lease carefully before you sign it.

If a tenant wants to change part of the lease, the tenant should discuss it with the landlord. If the landlord agrees, the landlord and tenant should decide how they want to word the change and then write it into the agreement. Both the tenant and the landlord should then initial the change. For example, many standard leases prohibit pets, but the landlord may be willing to accept a pet if the tenant puts down extra money as security (a pet deposit) to protect against any damage the pet might do.

A state’s landlord-tenant laws may provide additional rights and responsibilities and further define the rights and responsibilities identified in the lease agreement. These laws vary from state to state and are usually located in a state’s statutes.

In New Mexico, the lease agreement is indeed a crucial document for both residential landlords and tenants as it outlines their rights and responsibilities. While oral agreements are legally binding, written leases are preferred for clarity and legal protection. Tenants should thoroughly review and understand the lease before signing. Amendments to the lease can be negotiated between the tenant and landlord; any agreed-upon changes should be written into the lease and initialed by both parties to be enforceable. It's important to note that New Mexico has specific landlord-tenant laws that may supplement or override certain aspects of the lease agreement. These laws are found in the New Mexico Owner-Resident Relations Act and provide a framework for legal obligations and protections beyond what is stipulated in the lease. Tenants and landlords should be aware of these statutory rights and responsibilities, as they are an integral part of the rental relationship in New Mexico.