The agreement by which one party holds possession of the real property owned by another is a lease. The person who owns the real property is known as the lessor or landlord. The lessee, or tenant, is the one who occupies the property.
The relationship of landlord and tenant is created by contract. An oral lease is valid at common law, but statutes in most States require written leases for certain tenancies. Many States provide that a lease for a term exceeding three years must be in writing. Statutes in other States require written leases when the term exceeds one year.
The following elements are necessary to the establishment of the relationship of landlord and tenant:
" The occupying of the land must be with the consent of the landlord.
" A reversionary interest in the land must remain in the landlord. That is, the landlord must be entitled to retake the possession of the land upon the expiration of the lease.
" The tenant must have present possession in the land. This means a right to be in possession of the land now.
New Mexico Lease or Rental of Vacant Property or Lot with Lessee to have the right to Construct Improvements is a legal document that outlines the terms and conditions of leasing or renting a vacant property or lot in New Mexico. This type of lease agreement grants the lessee the right to construct improvements on the property during the lease term. Keywords: New Mexico, lease, rental, vacant property, lot, lessee, construct improvements, terms and conditions, lease agreement, lease term. There can be different types of New Mexico Lease or Rental of Vacant Property or Lot with Lessee to have the right to Construct Improvements, such as: 1. Commercial Lease with Construction Rights: This type of lease agreement is specifically designed for leasing a vacant property or lot for commercial purposes, with the lessee having the right to construct improvements according to their business needs. 2. Residential Lease with Construction Addendum: In this scenario, the lease agreement is tailored for residential properties where the lessee is permitted to make alterations or construct improvements, subject to certain rules and regulations set by the lessor. 3. Industrial Lease with Build-to-Suit Provision: This type of lease is commonly used for industrial properties where the lessee requires to be customized improvements to suit their specific operational requirements. The lease agreement includes provisions allowing the lessee to construct those improvements during the lease term. 4. Land Lease for Development: This variation of the lease agreement is commonly used when a vacant lot is leased for the purpose of development, such as building residential or commercial properties. The lessee is granted the right to construct improvements based on a prepared development plan. It is essential to consult with legal professionals in New Mexico to ensure compliance with relevant laws and regulations when drafting and entering into these types of lease or rental agreements.
