Property Management
A New Mexico short-term rental (Airbnb-style) is subject to:
AOnly the UORRA and standard residential landlord-tenant law
BLocal municipal regulations, licensing requirements, and potentially the Gross Receipts Tax✓ Correct
CNo regulation
DOnly federal hotel regulations
Explanation
Short-term rentals in New Mexico cities like Albuquerque and Santa Fe are regulated by local ordinances requiring registration/licensing, safety inspections, and payment of Gross Receipts Tax (and sometimes lodgers' tax).
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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