A power of attorney for real estate allows you to give someone the authority to buy or sell real estate for you or to conduct any other business concerning real estate that you own. A Real Estate Power of Attorney is also handy when needing someone to manage your property. This could include signing lease agreements, negotiating rents, evicting tenants, etc.
Ideally, a power of attorney relating to a real estate transaction should be special and specific to the transaction in question, and it should also be durable. This means that it takes effect or remains in effect if the principal should become incompetent. A principal who is already incompetent cannot authorize a power of attorney. The agent or attorney-in-fact has a legal, fiduciary and ethical duty to act in the best interests of the principal and to keep the principal's assets and finances quite separate from his own.
If you need assistance or have any questions about a Real Estate Power of Attorney, contact Landon A. Dunn, Attorney at Law!
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