Property Management
In New Mexico, which of the following would be a permitted reason for a landlord to retain a tenant's security deposit?
AGeneral wear and tear from normal use
BSignificant damage to walls beyond normal wear, such as large holes from tenant activities✓ Correct
CMinor scuff marks on baseboards
DRoutine carpet cleaning
Explanation
Security deposits may be withheld for actual damages beyond normal wear and tear—such as large holes in walls, stained carpet from negligence, or broken fixtures. Routine cleaning and normal wear cannot be charged to the deposit.
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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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