Power of Attorney for Real Estate Purchase
POWER OF ATTORNEY FOR REAL ESTATE PURCHASE
This Power of Attorney is hereby executed on [DATE], by [Your Name]("Principal"), whose residence is located at [Your Company Address], in favor of [AGENT'S NAME] ("Agent"), with a residence at [AGENT'S ADDRESS]. This document serves to confer upon the Agent certain powers as detailed herein, acting in the Principal's stead for matters specified.
I. Appointment of Agent
The Principal hereby appoints the Agent as their lawful attorney-in-fact to act on their behalf for the purchase of real estate. This grants the Agent the authority to negotiate, sign documents, and conduct transactions as if they were the Principal. The Agent is empowered to handle all aspects necessary for the acquisition of real estate, ensuring the process aligns with the Principal's interests and legal standards.
II. Powers Granted
The Principal grants the Agent the following roles and responsibilities with the purchase of real estate:
a. Document Execution:
To execute, acknowledge, and deliver all documents that may be necessary for the purchase of real estate, including but not limited to contracts of sale, deeds, mortgages, mortgage notes, disclosures, and closing statements.
b. Negotiation:
To negotiate and agree to the terms and conditions of the sale, including the purchase price, contingencies, closing costs, and any other necessary terms related to the acquisition of the property.
c. Financial Transactions:
To open, manage, and close bank accounts in the Principal's name necessary for the transaction; to receive and provide earnest money deposits; and to oversee the transfer of funds at closing.
d. Property Inspection:
To arrange for and oversee inspections of the property, including but not limited to home, pest, and environmental inspections; to receive reports; and to negotiate any necessary repairs or adjustments in terms.
e. Legal Matters:
To consult with real estate attorneys, title companies, and other legal professionals as necessary; to receive legal advice and to take legal action required to facilitate the purchase of the property.
III. Term
This Power of Attorney takes effect from the date mentioned at the beginning of this document and continues until the real estate purchase process is fully completed unless the Principal decides to revoke it in writing before that time.
IV. Revocation
The Principal reserves the right to revoke this Power of Attorney at any time by providing a written notice to the Agent. The notice should clearly state the intention to revoke and be delivered in a way that confirms the Agent's receipt, such as through certified mail or personal delivery. Upon receiving this notice, the Agent must immediately cease all activities under this Power of Attorney. The Principal may also inform relevant third parties of the revocation to prevent any unauthorized actions by the Agent.
V. Governing Law
This Power of Attorney will be governed by, and interpreted under, the legal statutes and regulations of the state where the real estate property in question is located. This ensures that all actions taken under this document align with the specific legal requirements and conventions of that jurisdiction, providing a clear legal framework for the execution of the powers granted herein.
VI. Signature of Parties
In witness whereof, the Principal has signed this Power of Attorney on the date first above written.
Principal:
[Your Name]
Agent:
[AGENT'S NAME]
Witness Acknowledgement
State of
County of
On this day of , 20, before me, a Notary Public, personally appeared , known to me (or satisfactorily proven) to be the person(s) whose name(s) is/are subscribed to the within the instrument, and acknowledged that they executed the same for the purposes therein contained.
In witness whereof, I hereunto set my hand and official seal.
Witness:
[WITNESS FULL NAME]
Notary Acknowledgement
State of
County of
On this day of , 20, before me, (name of notary), a Notary Public, personally appeared , known to me (or satisfactorily proven) to be the person whose name is subscribed to the foregoing document, and acknowledged that he/she executed the same for the purposes therein contained.
In witness whereof, I have hereunto set my hand and affixed my official seal on the date first above written.
[NOTARY PUBLIC'S NAME]
My Commission Expires:
