A New Mexico real estate power of attorney is a legal contract by which an individual, the “principal,” appoints an agent to represent them in making decisions regarding real estate. The agent may be given the authority to buy, sell, and manage property in the principal’s name. The most common purpose of using an agent is to close the purchase or sale of real estate, either because the principal cannot be present for the closing or because they prefer to have a real estate professional complete the transaction. The contract ends on the set termination date or in the event of the principal’s incapacity or death.
Laws – § 45-5B-204
Signing Requirements – Notary Public (§ 45-5B-105)
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