A real estate Power of Attorney grants legal authority to another party or agent to make financial decisions regarding the principal’s real property, including purchase and sale. In particular, the Power of Attorney provides the authority to negotiate, purchase, sell, convey, transfer, mortgage, preserve, or dispose of the real estate property (or properties) mentioned in the form.
The agent may manage the principal’s real estate property; sell, convey and mortgage realty for prices and on terms as considered prudent; foreclose mortgages and take title to property in the principal’s name; and implement deeds, mortgages, releases, satisfactions and other instruments relating to realty.
A real estate Power of Attorney is limited only to the extent that it grants authority only for real estate transactions; however, the powers granted in that regard are quite broad so the principal must grant such powers only to someone he or she trusts unconditionally. He must be confident that the agent will act in his or her best interests, keep accurate records, keep his or her property separate from the agent’s properties and avoid conflicts of interest. Otherwise, the principal could be in danger of losing the real estate to a dishonest individual.
Any Power of Attorney that deals with the transfer of real estate must be notarized because the Power of Attorney needs to be recorded along with the transfer documents. All previous Power of Attorney documents relating to the property (or properties) are immediately annulled upon execution. Once executed, this Power of Attorney form goes into effect and remains in effect until revoked in writing by the principal, or on a specified date, whichever comes first. To revoke, cancel or annul any powers, a revocation form must be used.
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Power of Attorney Forms
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A Power of Attorney is a legal document that evidences the creation of a liaison between two people who are designated as “principal” and “agent”. Through this document, the principal authorizes the agent to act on his or her behalf. A Power of Attorney can...
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Power of Attorney
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The Oxford dictionary defines a Power of Attorney as “the authority to act for another person in specified legal or financial matters”. In other words, granting someone a power of attorney empowers that person to manage your financial or legal affairs within defined boundaries. The...
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Specific Power of Attorney
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The Oxford dictionary defines a Power of Attorney as “the authority to act for another person in specified legal or financial matters”. Simply speaking, a Power of Attorney establishes a fiduciary relationship between two individuals – the principal and named representative [attorney-in-fact]. There are, broadly...
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Limited Power of Attorney
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Through a limited Power of Attorney, the “principal” can authorize another person, i.e. “agent”, to carry out specified tasks on his or her behalf for limited time duration or only under certain circumstances. The Power of Attorney is therefore “limited” or tailored to meet the...
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Durable Power of Attorney
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A Durable Power of Attorney authorizes the principal’s named representative [attorney-in-fact] to continue to act for him or her after he or she become incapacitated; the legal document must contain the words, “This Power of Attorney shall not be affected by my disability” or “This...
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General Power of Attorney
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A general Power of Attorney is used by the principal to allow the agent to handle all of his or her affairs during a period of time when he or she is not capable of doing so, for example, when the principal is traveling out...
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Medical Power of Attorney
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A Medical Power of Attorney gives specific instructions, prepared in advance, that are intended to direct medical care for an individual if he or she becomes unable to do so in the future. Plainly speaking, a Medical Power of Attorney is made in anticipation of...
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Chicago Real Estate
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The Chicago real estate market is one of the most dynamic and diverse real estate markets in US. Buying a piece of property in Chicago, residential or commercial, is not an easy task, as the market environment is quite challenging. There are many real estate...
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Florida Real Estate Properties
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Florida real estate properties include the residential, office and commercial buildings, as well as the land itself. The most expensive property is that along the coastline overlooking the water. They are rather expensive, and the rich own most of the beach homes and villas lining...
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Chicago Commercial Real Estate
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There is currently a booming market for commercial real estate in Chicago. There are local firms and brokers who specialize in commercial real estate in Chicago. In addition, there are online resources available that can help one buy, sell, or research Chicago commercial real estate....