Florida Real Estate Power of Attorney
In this article, let us have a brief look at the stages of the completion of the Real Estate Power of Attorney in Florida and discuss the main points and requirements. But first, let us figure out the main terms.
What is a Real Estate Power of Attorney?
Florida real estate power of attorney (POA) is a legal document that enables one person (an agent) to act on behalf of another one (the principal) in matters related to real estate handling of the latter. This form is also considered limited as it allows the agent to perform only a narrow range of actions.
When Is a Real Estate Power of Attorney of Use?
A real estate POA is used in cases when selling, buying, or managing a particular property.
For example, talking about Florida, some might want to move to this state and purchase a house or a flat there to live in but cannot be present in Florida for some reason.
This is where a real estate POA would be of use, as it would let another person in trust help you with some procedures that must take place in Florida.
But the seller can also find some usefulness in the real estate POA, as he or she might need to move out fast or want some third party to take care of everything.
All of the procedures that might take place during the selling process can be done by the seller and the buyer themselves, but when there is no such opportunity and the parties do not have much time for mailing the signed documents — use a real estate POA.
The Contents of a Real Estate Power of Attorney
Here is the general checklist for you to make sure that your Florida real estate power of attorney document is decent. Look for the following characteristics:
- Names of all of the parties: the principal and the agent.
- The description of the property that is considered to be sold or purchased, which should include the real address.
- The outline of the concrete procedures and documents that the agent is able to sign, be the principal the buyer, or the seller.
- The date when the real estate POA expires and the agent no longer has a right to be a representative of the principal.
Note that specific requirements are added for those principals that are located out of the country or working in a military sphere:
- For those out of the country, the real estate POA should be signed at the USA embassy.
- For those in the military, the real estate POA should be signed in the presence of a military officer.
Other Real Estate Documents
There are two types of real estate documents that need to be signed by the parties (principals), or by their representatives (agents).
Include both of them into the descriptions of the real estate POA, so that the agents would have a legal opportunity to sign them:
- The sales agreement. This document should involve the price of the selling property, and Florida’s mortgage and deposit obligations, as well as the possibility of inspections.
- Title closing agreement. Usually, both principals should attend the last meeting to personally check the condition of real estate for any defects, but the agents also can be present in this part of the selling process and sign any needed documents, such as the settlement sheet, mortgage papers, and so on.
Be very cautious when choosing an agent, as this person will sign a big amount of very important documents and can use his or her power, not in your interests. For more information on the requirements of choosing an agent, please look at the statutes of Florida and consult with your lawyer.