Many people own property in another state or want to purchase real estate in another state. For many reasons – health, work or a global pandemic! – you may not be able to travel to another state to buy or sell real estate. The reason you are buying or selling the property – an inheritance, a vacation home, an investment – doesn’t matter. What does matter is that you need someone who can legally represent you and make property transactions on your behalf.
A Power of Attorney (POA) is a powerful yet flexible tool that allows someone to conduct certain business on your behalf. In this case, a Power of Attorney for Property allows a designated person to buy, sell or make other real estate transactions as your legal representative.
Illinois has 2 different types of power of attorney that apply to property. An experienced POA lawyer can review your situation and recommend the best POA for your situation. In this case, a limited power of attorney might be the best solution for handling the sale or purchase of property:
A limited power of attorney allows the holder to act on behalf of the principal in one single transaction such as a sale. For instance, a limited power of attorney may be used to enable a real estate agent to handle a closing on behalf of a buyer or seller who is far away.
If you want your agent to conduct multiple real estate transactions on your behalf, a durable power of is an option:
A durable power of attorney is one that lasts indefinitely, although the principal granting the authority usually retains the power to revoke it. In most cases, durable power of attorney is used to allow the designated person to handle affairs in a certain area of the principal’s life, such as in financial matters.
When you work with an attorney to execute a power of attorney for property, they can explain the ramifications and advise you on the best POA to fit your needs. To talk to a Chicago power of attorney lawyer: contact the Estate & Probate Legal Group in Lombard Illinois at 630-800-0112.