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Real Estate Power Of Attorney
A real estate power of attorney is used to grant a person the authority to handle tasks or decisions regarding real property for another individual.
It is a type of limited form that gives the agent (or “attorney-in-fact”) specific powers that can exist indefinitely, or until the tasks are complete.
If the principal decides that the form will be non-durable, the agent’s powers end in the event the principal suffers a medical emergency that renders them incapacitated.
What Can it Be Used For?
As an overview, one can use the document to do the following regarding real property:
Manage/request repairs/hire labour;
Sell / exchange / convey / quitclaim;
Purchase/buy / lease / receive;
Pay taxes; and Much more.
What is Real Estate Power of Attorney?
A real estate power of attorney is a document that allows someone else to handle property decisions on their behalf.
This includes selling, buying, leasing, and managing property for the principal’s best interest.
After the form is completed and signed, it is can be used immediately.
The agent can be any person selected by the principal. They do not have to be a property manager or an attorney.
How to Use a Real Estate POA
Step 1 – Determine the Powers + Term
The principal can structure the form to provide the agent with whatever powers they feel are necessary.
Whatever the principal chooses, they should make sure the powers are detailed clearly on the form, leaving nothing to assume.
Because the POA type is non-durable, it will automatically terminate should the principal become mentally incapable of making decisions or in the event of their death.
However, the principal should specify whether or not the agent’s powers extend in perpetuity or are limited to a single task or period of time.
In other words, if the agent will be assisting with the one-time sale of a property, the form should state that their powers terminate after the sale.
On the other hand, a property management company assigned as an agent should be given continuous power.
Federal and state law provides little restriction on who can serve as an agent.
Additionally, the agent is not required to be a person – entities (businesses) can be nominated as attorney-in-fact as well.
For property transactions, the principal should choose a realtor, attorney, or another person experienced in buying and selling real estate.
Likewise, the principal should choose an experienced property manager or management company if they need to have tenants screened, leases signed, the property cleaned and maintained, and so on.
Step 3 – Sign & Distribute
At this point, the agent will have accepted their nomination, understand exactly what is required of them, and be prepared to carry out their assigned duties.
The principal will then need to sign the form.
Depending on the state, it may also need to be notarized.
However, proceeding with notarization regardless of what is required is recommended to ensure it is accepted by whoever it is presented to.
The principal should then make copies of the form and personally deliver the POA to recipients, or give the agent a copy to display as necessary.
|Arizona||One (1) Witness and Notary Public|
|California||Two (2) Witnesses or Notary Public*|
|Connecticut||Two (2) Witnesses and Notary Public|
|Delaware||One (1) Witnesses and Notary Public|
|Florida||Two (2) Witnesses and Notary Public|
|Georgia||One (1) Witnesses and Notary Public|
|Illinois||One (1) Witness and Notary Public|
|Indiana||Two (2) Witnesses or Notary Public*|
|Maryland||Two (2) Witnesses and Notary Public|
|Massachusetts||Two (2) Witnesses and Notary Public|
|Michigan||Two (2) Witnesses or Notary Public*|
|New Hampshire||Notary Public|
|New Jersey||Notary Public|
|New Mexico||Notary Public|
|New York||Two (2) Witnesses and Notary Public|
|North Carolina||Notary Public|
|North Dakota||Principal Only*|
|Pennsylvania||Two (2) Witnesses and Notary Public|
|Rhode Island||Notary Public|
|South Carolina||Two (2) Witnesses and Notary Public|
|South Dakota||Notary Public|
|Vermont||One (1) Witnesses and Notary Public|
|Washington||Two (2) Witnesses or Notary Public*|
|West Virginia||Notary Public|
How to Make
A real estate power of attorney can be used to give powers for single or multiple real estate transactions.
It is also very useful when needing someone to manage your property.
This could include signing lease agreements, buying or selling property, evicting tenants, etc.
As an example, a property owner could hire a property management company to rent out the property and keep up with the day-to-day maintenance.
2. Setting the Terms
Typically, if your intention is for a single transaction, you would select a start and end date.
If the agent is managing the premises, then the principal would maybe want the term to be indefinite.
In addition, if the principal is seeking to have the agent keep their role should the principal be incapacitated or unable to use cognitive functions, they can select the form to be “durable”.
Once complete, your real estate power of attorney must be signed by both yourself and the agent.
It depends on the signing requirements in the state.
Real Estate POA Laws: By State
|Arkansas||Title 18, Chapter 12, Subchapter 5 and § 28-68-204|
|Illinois||755 ILCS 45/3-4|
|New Hampshire||§ 564-E:204|
|New Jersey||§ 46:2B|
|New Mexico||§ 45-5B-204|
|New York||§ 5-1502A|
|North Carolina||§ 32C-3-303|
|North Dakota||Ch. 30.1-30|
|Oklahoma||58 O.S. § 1006|
|Rhode Island||§ 18-6-3|
|South Carolina||§ 62-8-204|
|South Dakota||§ 59-3-12|
|West Virginia||§ 39B-2-104|
|No. of Pages||3|
|PDF Size||1 MB|
Real Estate Power Of Attorney Template PDF Free Download