Landlord / Tenant refers to the relationship between (1) the owner or lessor (landlord) of residential or commercial real property known as the leased premises and (2) the occupant or lessee (the tenant) of the leased premises—often a home or office building or space. This relationship is defined by the (usually written) lease agreement signed by the landlord and tenant, and the laws governing the landlord / tenant relationship—which are usually located in a state’s statutes.

A residential or commercial lease of real property (real estate) allows the tenant or lessee to use the property and the improvements on the property—generally a building structure such as a home, office, store, or warehouse, for example—for a stated purpose (such as for a residential dwelling or the operation of a hair salon) and for a fixed period of time (the term of the lease), in exchange for the payment of rent.

Personal property—including automobiles, computers, heavy equipment, machines, home appliances, and other tangible, movable goods—may also be leased, but the parties to a lease of personal property (as opposed to real property) are not referred to as landlord and tenant, but as lessor and lessee.

In New Mexico, the landlord-tenant relationship is governed by the New Mexico Owner-Resident Relations Act. This act outlines the rights and responsibilities of both landlords and tenants for residential properties. It covers various aspects such as security deposits, lease agreements, maintenance of the premises, and the process for eviction. Commercial leases are less regulated by state statutes and are largely governed by the terms of the lease agreement between the landlord and tenant. However, certain state laws and local ordinances may still apply, particularly regarding safety and zoning regulations. For both residential and commercial leases, the lease agreement typically specifies the use of the property, the term of the lease, and the rent to be paid. It is important for both parties to understand their legal obligations under the lease and state law. For issues related to personal property leases, the Uniform Commercial Code (UCC) as adopted by New Mexico may provide the relevant legal framework, distinguishing these arrangements from real property leases and not using the terms landlord and tenant.