Jumping into the real estate market can be a hassle, especially when one is left to take care of business independently. That is where a real estate power of attorney can come in handy, passing over the power to someone else. You can choose someone that will take over for you, known as an agent. This person will act in your place, signing and dating documents on your behalf. To create a real estate POA document successfully, you’ll need:
- A chosen agent
- Signatures and dates of all parties that are involved
- A form to help your fill everything out and get the process started without any hassle
Download your fillable Real Estate Power of Attorney Form in PDF format:
– Adobe PDF
Check Real Estate Power of Attorney Forms By State
The free power of attorney form comes in handy any time the owner of a property needs to take care of business. In this case, the best thing to do is pass over the responsibility to an agent who understands all of the laws to ensure that they are abided throughout the entire process. This could be anyone in charge of residential or commercial properties, especially if they need help to get things rolling on the legal front.
Real Estate POA Use Cases
Anyone in the market of purchasing a house can benefit from filling out a real estate power of attorney. The option is convenient for those who have no time to take the matter into their own hands and sign contracts needed to complete deals or those in a state that doesn’t permit them to do so. Real estate POA can be used for:
- The sale of any real estate, whether it is personal or commercial
- The purchase of housing
- Any management involved with housing, which could include rental properties or other real estates
- Closing on a house or building that is needed for personal, residential, or commercial property
- Any refinancing that one party needs or plans to complete
Creating a real estate power of attorney is not limited to businesses; it also covers individuals. It will help when it comes to the legal jargon, putting things in legal terms that the everyday person can understand. If an individual or business needs some help when in the purchase, sale, or management of any property, this document can help.
When one party grants another the position of an agent of a real estate POA, they give them the freedom to act in their favor. This could include several things depending on the specific type of real estate business they need to take care of. The operations could involve purchasing a home or building for business use, refinancing, selling, and many other things. When one is titled agent, they will have the power to:
- Sign on behalf of the party that has elected them
- Take care and start any of the business and paperwork required to get what they need to be done
- Act as the person who chose them and complete any procedures needed to complete the deal
How to Fill out a Real Estate POA
When you need someone to step in and get all of your housing and real estate paperwork finished and signed, you’ll need to fill out a real estate POA. To complete a valid document, you’ll first need a form to help you include all of the needed sections and meet all of the legal requirements. Using a ready template will ensure that you have all of the information needed to create the document fast and easy. Once you’re filling out the real estate POA, you have to take the following steps.
Select Your Agents
This is one of the most critical parts of a real estate POA creation and determines whether or not your documents will be filled out according to your needs. When selecting an agent, make sure that you choose someone you trust and someone who will be by your side when it’s time to get things rolling. Think about a person who can help in purchasing and managing your property, using this to help you choose the perfect candidate.
Create Your Own Terms
When thinking of the reasons why you need a real estate power of attorney, it’s best to have things clear by laying out the ground rules. This means creating and solidifying your terms, setting things clear to the amount of time, and the specific things that you wish your agent to be in charge of. If you need someone on a long-term basis, be sure to include that in the document. The same goes for the short-term real estate POA arrangements, as long as you clarify the time and the exact things needed and expected of your selected agent.
Signing and Sealing
The last thing you’ll need to do after all of the terms are laid out is signing the document. To validate the document, all parties will need to sign and date the document to legally seal all arrangements. After both parties sign, a notary public is needed to notarize the document so that it can be used in a court of law.
Put It to Use
Once the document is created and all signatures are in place and notarized, the document is considered valid, so it can be put to use. When it’s time for something to happen with the property in question, the assigned agent can take charge and oversee the entire process from start to finish. As long as the contract and signatures are in place, and the document is legal and not expired, the agent can make decisions and sign documents on behalf of the original property owner. Appointing someone who knows all the laws and paperwork well can help take some of the stress out of real estate ownership and management.
How to Choose an Agent for a Real Estate POA
One of the most challenging parts of creating a real estate power of attorney is selecting an agent. Real estate purchases and sales usually deal with a lot of money, which could destroy someone’s life’s savings if not appropriately handled. Whether the agent is entrusted with the selling, purchase, or management of the owner’s property, the owner needs to appoint someone they can trust.
A few things to consider before choosing an agent to act on your behalf are:
- Someone that you can trust
- Someone that is not afraid to take charge
- A person that knows state laws well
- Someone that will be open and honest with you, keeping you in the loop through every single step.