Power Of Attorney In The Case Of Real Estate Transactions

Power Of Attorney In The Case Of Real Estate Transactions

Who do you really trust to handle your real estate?

A power of attorney is basically a legal document that grants a representative the power to make binding financial and legal decisions for you in the case that you are incapable of doing so. In addition to choosing your representative carefully, you must also choose the amount of power you hand over to him or her carefully! Just like with health care and business transactions, real estate is frequently brought up and fits snugly under the umbrella of both general and limited power of attorney

Indeed, there is a power of attorney for real estate specifically. Well, with any limited power of attorney, you can delegate specific powers for your agent to carry out; perhaps sell a car or borrow money for a business endeavor. Managing real estate is just one of those many duties your agent may be in charge of.

A real estate power of attorney gives your chosen agent the freedom to buy and sell real estate on your behalf. Making mortgage payments and doing other miscellaneous tasks may be included powers as well. Your agent may also be able to conduct transactions relating to your business, as long as it is with regard to real estate. Real estate is a valuable commodity and you'll want to make sure that the person who has the power of attorney is trusted and not to mention, business savvy. But why wouldn't you manage the real estate on your own? Why not cut out the middleman and retain total control over your financial interests?

Here are some reasons you might be interested in a real estate power of attorney.

1)The most basic reason: there are real estate documents that must be dealt with and you will not be in town to review and sign them
2)You will be out of town for an extended period of time or unavailable, for whatever reason, to manage your real estate affairs
3)You simply want someone else to manage your real estate, whether because of distance or a lack of expertise!

Finding a form for power of attorney for real estate is easy to do. Forms for all kinds of power of attorney are available for free via the World Wide Web. However, while you can fill out these forms on your own, it's recommendable that you go over them with a knowledgeable lawyer. Your lawyer might even recommend you fill out a durable power of attorney form, too, which retains the power of attorney in the case that you are disabled or incapacitated.

Note: your final step will be notarization and it is not a step you can skip!

Your property may not only be financially valuable to you, but it might also have sentimental significance. Whatever the case, real estate is no minor affair and it's important that you choose an agent well-adept to handle it and who only has your best interests in mind.

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