Generally, any adult of sound mind can grant certain types of authority to another individual using a power of attorney form. Illinois real estate power of attorney establishes business relations between a declarant and an appointed agent regarding real estate property issues.
The principal empowers their assigned attorney-in-fact to participate in estate deals, mainly as a realtor or a real property agent. The form contains a list of responsibilities that a principal should authorize by placing his or her initials:
See what other Illinois power of attorney forms you can fill out by clicking on this link to our article.
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The paperwork does not restrict the authority to the above-mentioned. Most templates include a paragraph where the principal can assign extra powers in a free format or, on the contrary, emphasize that specific actions on the part of the agent will be illicit. This protects both real estate POA participants from confusing situations that might arise if some terms are left unexplained.
Illinois real estate power of attorney relationships are regulated by the 45-755 of the Illinois Compiled Statutes. After the declarant has authorized the POA by signing the template, they must acquire a notary public certification. This procedure is a critical step while creating valid paperwork.
|Document Name||Illinois Real Estate Power of Attorney Form|
|Other Name||Illinois Power of Attorney for Property|
|Relevant Laws||Illinois Compiled Statutes, Chapter 755, Section 45, Article 3|
|Where to File?||The form must be recorded with the county where the property is located.|
|Avg. Time to Fill Out||10 minutes|
|# of Fillable Fields||38|
|Available Formats||Adobe PDF|
Executing a real estate POA document demands accuracy and attention. We encourage you to follow the below-listed tips to accommodate the necessary records. Use our latest form-building software to generate the needed template and start filling it out directly.
1. Identify the Declarant
First, you should enter the principal’s legal name and their full residence, including the street, city, and state. If applicable, submit the contact phone number in case of unforeseen situations or emergencies.
2. Introduce the Appointed Agent
The next step demands that you enter the complete name, address, and phone numbers of the designated attorney-in-fact.
3. Determine the Agent’s Powers
This section is devoted to the powers you, as a principal, delegate to your agent. Read attentively each paragraph that defines a particular type of authority, and place your initials if you agree to grant the defined powers.
Each statement contains a spare line where you should define the location of the related estate.
4. Specify Additional Powers and Limitations
The Illinois Real Estate POA includes a section to describe responsibilities and rights that are not covered within the document, but the principal wishes to note them. Write down your preferences on the spare lines. You can also list the conditions that restrict the appointed agent’s actions.
5. Define the Period of Designation
Following the real estate POA, the document becomes effective immediately. Here, you should fill out the date of termination. Read each alternative and affix your initials next to the preferred variant.
6. Appoint a Successor Attorney-in-Fact
The real estate template offers a paragraph where a declarant can select an alternative agent. If an initial representative fails or refuses to act on behalf and in the best interests of the principal, the latter can appoint a successor agent.
7. Sign the Real Estate PAO
Once you have determined the paperwork’s terms and conditions, you can close the template by authorizing it with your signature, current calendar date, and printed name.
8. Obtain a Notary Acknowledgement
Complete the real estate POA validation by notarizing the document. The Illinois statutes require the principal to sign the POA template in the presence of a notary public, who will verify the participants’ identities and fasten the state seal and signature.