Real Estate Power of Attorney 3
Real Estate Power of Attorney 1
Real Estate Power of Attorney 2
Real Estate Power of Attorney 3
Real Estate Power of Attorney 1

Real Estate Power of Attorney

    If you are nearing retirement or frequently travel out of the country, you should choose someone to represent you in terms of your real estate properties. A real estate power of attorney template is essentially required. It is especially useful if you are overburdened, lack expertise in dealing with real estate transactions, or travels frequently. Thus, download our simple, easy-to-understand, and customizable, power of attorney form templates.

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Real Estate Power of Attorney
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Real Estate Power of Attorney

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The following things need to be considered when signing the power of attorney real estate template:

    • Details of the principal and attorney-in-fact.
    • Responsibilities to be carried out by the agent. 
    • Limitations on the agent's rights. 
    • Conditions under which the right may be revoked

What is The Real Estate Power of Attorney?

A power of attorney is the rights and powers handed to individuals by the laws of the state to appoint someone to make legal and financial decisions for them in their absence or the in the event that they become incapacitated and are no longer in a position to make these decisions themselves.

If you are nearing old age or travel out of the country often, you need to select somebody to represent you as far as your real estate properties are concerned. Essentially, you need a real estate power of attorney. In this article, we will be reviewing all you need to know about a real estate power of attorney.

It is especially useful if the principal is usually too busy, lacks expertise in dealing with real estate transactions or travel too often. It is also called Real Estate POA and power of attorney for real estate.

A real estate power of attorney can be durable or non-durable. Durable in the sense that it remains effective and valid after mental or physical incapacitation of the principal. A real estate power of attorney is non-durable if the powers of the agent become void upon incapacitation of the principal.

Appoint someone to take care of your property with a real estate power of attorney template

Do you want someone to manage your real estate in your absence or after your death? Secure your investment with real estate power of attorney. Why not create one today by downloading a free real estate power of attorney template and executing it in accordance with the law?

Click below to download this customizable template.

When to Use a Power of Attorney for Real Estate?

There are a wide range of situations where a power of attorney for real estate might come in handy. Here are some of them:

  • If you travel very often and are mostly unavailable when there is a need to sign really important real estate documents
  • You reside quite far from your real estate property and need someone to manage it in your absence
  • You will be available for a period of time and need someone to manage your property in that time frame

If you need a power of attorney for your real estate only, it is advised that you limit the powers of your agent to real estate only. In other words, go for a power of attorney for real estate instead of a general power of attorney. Although the latter is equally valid, you do not want your documents cluttered with unnecessary information and lots of powers you are not willing to grant your agent.

With a real estate power of attorney document, you can clearly specify what powers you are granting your agent.

Why Is a Power of Attorney for Real Estate Important?

There are a host of reasons why you should consider preparing a real estate power of attorney. These are some of them:

Legal compliance

It is required in some states that the handling of real estate properties are done only by experts and individuals highly knowledgeable about real estate. There is the likelihood that you are not this person. It is therefore more reasonable to select someone more fitting to manage your real estate properties.

Terminal illness and incapacitation

With terminal illness and mental incapacitation comes the potential for an individual being not able to make good judgments or decisions. This can produce an adverse effect on the kinds of decisions he/she makes. In the event that you become mentally incapacitated and can’t make certain decisions for yourself on your properties, a real estate power of attorney document can come to your rescue.

Appoint someone to take care of your property with a real estate power of attorney template

Do you want someone to manage your real estate in your absence or after your death? Secure your investment with real estate power of attorney. Why not create one today by downloading a free real estate power of attorney template and executing it in accordance with the law?

Click below to download this customizable template.

FAQs

  • Who should I pick as my attorney?

    The first consideration you should be making is that this agent has your best interests at heart. In addition to that, the agent must be capable of managing your real estate affairs well, must have the capacity to execute all the responsibilities conferred with aplomb.

  • When does a real estate power of attorney expire?

    It would generally expire on the day specified on the real estate power of the document. Otherwise, it is no longer valid when you pass away or become incapacitated.

  • Who can prepare a real estate power of attorney?

    In most states, you can draft one once you are above 18 years old and are mentally sound.

There are so many reasons why you might need a real estate power of attorney. It is a good insurance against emergencies and casualties and might come in handy much later in your life. If you want to fill one, download any of CocoSign’s real estate power of attorney forms for free to get started.

DOCUMENT PREVIEW

REAL ESTATE POWER OF ATTORNEY

 

I. DATE. This Real Estate Power of Attorney (“Power of Attorney”) has been made on _____________________, 20____ (“Effective Date”).

 

II. APPOINTMENT. This Power of Attorney is between the following:

 

Principal: I, _____________________, the “Principal”, with a mailing address of __________________________________________, hereby appoint:

 

Agent: _____________________, with a mailing address of __________________________________________ (“Agent”).

 

III. 2ND AGENT. If the above Agent cannot serve, I hereby appoint: (Check one)

 

- No Alternate Agent.

 

- An Alternate Agent: _____________________, with a mailing address of __________________________________________ (“2ND Agent”).

 

IV. REAL ESTATE. This Power of Attorney is in reference to the following described real property: __________________________________________ (“Real Estate”).

 

V. POWERS APPOINTED. The Principal hereby grants and offers the following powers to the Agent and, if the Agent cannot serve, any Alternate Agent: (Initial and Check where applicable)

 

____ - Sale of Real Estate. I delegate the power to act on my behalf for the purpose of selling the Real Estate. This may include, but not be limited to, negotiating, executing, modifying, and delivering all documents necessary to complete the transaction as well as accepting the closing proceeds for deposit into my account which has been previously disclosed to my agent.

 

____ - Purchase of Real Estate. I delegate the power to act on my behalf for the purpose of purchasing the Real Estate. This may include, but not be limited to, negotiating, executing, modifying, and delivering all documents necessary to complete the financing and purchase of the property as well as to withdraw and disburse funds necessary for the closing from my account which I have previously disclosed to my Agent.

 

____ - Management of Real Estate. I delegate the power to act on my behalf for the purpose of managing the Real Estate. This may include, but not be limited to, making repairs (with reimbursement), approving sub-contractors for work, negotiating rents, signing lease/sublease agreements, evicting tenants and any other representation as needed for day-to-day management of the Real Estate.

 

____ - Financing of Real Estate. I delegate the power to act on my behalf for the purpose of financing the Real Estate. This may include, but not be limited to, modifying, executing, and delivering all documents necessary to complete the financing as well as to withdraw and disburse funds necessary from my account which I have previously disclosed to my agent.

 

VI. TERM. This Power of Attorney shall begin on the Effective Date and shall continue until: (Initial and Check one option)

 

____ - The End Date of _____________________, 20____.

 

____ - The Principal’s incapacitation or when the Principal can no longer think for themselves. (non-durable).

 

____ - The Principal’s death or revocation.

 

VII. DURABLE. In the event the Principal is shown to have a mental disability, incapacitated, or not able to think for themselves, this Power of Attorney: (Initial and Check one option)

 

____ - Shall No Longer be valid. This Power of Attorney is non-durable and shall be revoked immediately upon the Principal’s incapacitation.

 

____ - Shall Remain valid. This Power of Attorney is durable and shall not be revoked upon the Principal’s incapacitation.

 

VIII. GOVERNING LAW. This Power of Attorney shall be governed by the laws located in the State of _____________________ (“Governing Law”).

 

In accordance with Governing Law, I, the Principal, hereby revoke any other Power of Attorney related specifically to the Real Estate mentioned in Section IV with the Agent, and any Alternate Agent, as the only persons allowed to act in my presence for such matters.

 

IX. EXECUTION. As required under the Governing Law, this Power of Attorney shall be signed under: (Initial and Check where applicable)

 

____ - Notary Public

 

____ - One (1) Witness

 

____ - Two (2) Witnesses

 

 

Principal Signature: _____________________________ Date: ____________

NOTARY ACKNOWLEDGMENT

 

STATE OF _____________________

COUNTY OF _____________________, ss.

    

On this day of _____________________, 20____, before me appeared _____________________, as Principal of this Power of Attorney who proved to me through government issued photo identification to be the above-named person, in my presence executed the foregoing acceptance of appointment and acknowledged that (s)he executed the same as his/her free act and deed.             

 

_____________________________

Notary Public

 

_____________________________

Print Name

      

My commission expires: __________________

 

 

WITNESS ACKNOWLEDGMENT

 

I/We, the witness(es), each do hereby declare in the presence of the Principal that the Principal signed and executed this instrument in my/our presence, and that the Principal signed it willingly, and that each witness hereby signs this Power of Attorney as witness at the request of the Principal and in the Principal’s presence, and that, to the best of knowledge, the Principal is at least eighteen (18) years of age, of sound mind, and under no constraint or undue influence.

 

_____________________________

1st Witness Signature     

_____________________________

Print Name

_____________________________

Address

      

_____________________________

2nd Witness Signature (if any)    

_____________________________

Print Name

_____________________________

Address

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