Durable Limited Power of Attorney for Real Estate allows an individual to appoint someone to act on their behalf regarding matters specifically related to real estate transactions. A Florida Durable Limited Power of Attorney for Real Estate may be used under many circumstances, including a closing that the principal may be unable to attend or when the principal does not have the capacity to make financial and legal decisions.
With a Florida Durable Limited Power of Attorney for Real Estate, the agent may be assigned limited powers to complete one specific task, like buying or selling a piece of property. On the other hand, they may be granted broad powers to manage a full suite of affairs, such as mortgages, deeds, the collection of rents, handling leases, and more.
The appointed agent has a legal obligation to act in the principal’s best interests and only within the scope of the powers granted to them in the legal document. They must also act in good faith and meet any reasonable expectations that have been communicated by the principal. To take effect, it must be signed in the presence of two adult witnesses and a notary.
If you intend to appoint an agent using a Florida Durable Limited Power of Attorney (POA) for Real Estate for a specific transactions, it may be wise to confirm that the mortgage, title, or closing company will accept the signature of POA. This will eliminate a potential complication at the time of the closing.
Florida Durable Limited Power of Attorney for Real Estate is an important document that can impact your real estate affairs. That’s why you should always consult with a competent estate planning attorney who will take the time to understand your concerns, review your legal and financial situation, and prepare a document that meets your needs – ready to be signed, witnesses and notarized. Get started today by filling out our simple form and scheduling a consultation with our team.
Published: Sep 25, 2022
Updated: Aug 17, 2022