A New Mexico real estate power of attorney legally empowers an agent to handle real estate transactions or property management duties for another person (the principal). Duties may include collecting rent, negotiating leases, conducting repairs, evicting tenants, or attending a closing date on behalf of the principal.
The principal can choose between a durable or non-durable power of attorney; a durable power remains valid even if the principal becomes incapacitated. This document requires notarization and can be revoked by the principal at any time through written notice to the agent.
Legal Considerations
Statute: § 45-5B-204.
Signing Requirements: Notary public (§ 47-1-7, § 45-5B-105).
