If you are a resident in Illinois and can’t handle your real estate business, you can create an Illinois real estate power of attorney form. It is an essential document that allows you to delegate authority to another person to manage your real estate matters. For instance, acquiring, selling, refinancing, or acting as a realtor. When the principal suffers incapacitation, this form can also be a durable agreement and permit the agent to execute the assigned duties.
The individual who assigns the directives is the principal, and the one who agrees to manage the real estate transactions is the agent. When selecting a private attorney, it is imperative to carry out due diligence about the person you have in mind. You must choose a trustworthy, disciplined, and responsible agent.
Illinois power of attorney forms – this particular section will help you read additional information on other powers of attorney that can be used in Illinois.
Each power of attorney form must follow specific state rules and regulations, and Illinois real estate POA is not an exception. According to Illinois state laws (755 ILCS 45/3-4(a)), the principal is free to select an individual to exercise various powers as listed on the form.
The agent must follow all the directives while respecting the principal’s interests in all transactions and decisions. They must work within the limitations of the powers without breaching the agreement.
The form requires two witnesses of legal age to append their names and signatures for validation. Also, the principal must notarize the document to finalize the POA creation.
Filling out the Illinois Real Estate POA
Residents must understand the process of completing an Illinois real estate power of attorney form. The principal must read the form thoroughly before filling out any details to avoid confusing the sections. Follow the steps below to create your power of attorney document:
Get a POA Form
The first step is to obtain an appropriate form to create the power of attorney agreement. You can opt to fill it online using an appropriate application or download it for manual filling.
Principal and Agent Particulars
This section entails identifying the principal and the agent by filling out their personal details on the spaces provided. Ensure that you capture the full name, physical address, and residence state.
It is crucial to enter the appropriate details for identifying the agent quickly when they are executing authority.
Declaration of Powers
In this section, the principal must declare all the powers they want to assign to the agent. It is known as the authority assignment, where the principal must tick the check box beside each power to agree or cross out to restrict. For instance, you can allow your assigned agent to purchase and sell property assets but restrict refinancing.
Ensure that you clearly state all the powers on the document to prevent misuse of authority by the agent. Read through the document to ensure that all the powers stated align with your directives.
Date of Effectiveness
Here, you must include the date on which the agreement will take effect and its termination. Indicating the term ensures that the agent exercises their mandate within the legitimate period. Also, you can indicate whether it is a durable power of attorney or not. Or if it can be terminated upon revocation.
This section has a revocation part that the principal can fill to cancel all other standing power of attorney agreements. The principal and agent must sign at the bottom of the section.
Witnesses & Notarization
Finally, you must have two witnesses to append their full names and signatures on the document. The principal must notarize the form in the presence of a certified legal officer. The notary acknowledgment section must include details, such as state, county, current date, notary public name, and signature.
The agent must also append their signature and name as a sign of acceptance.