Your Real Estate Power of Attorney is a Special or Limited Power of Attorney where your Agent will not have such broad powers as in a General Power of Attorney.
It can be as specific as dealing with a single transaction whilst you are on vacation or physically unable to be present or it can be a mandate to your Agent to manage property in your portfolio on an ongoing basis.
It is advisable to put a termination date on your power of attorney. For property management purposes you can make it for a year or two hence, or for a specific transaction you can date it for your return from holiday.
A Real Estate Power of Attorney is the one document (unlike other powers of attorney) that must be filed with a government office - your County Clerk or the Deeds Office - when used in a transaction. If you were to revoke such a power of attorney, the revocation must also be filed with the same office and both documents must be notarized.
An Agent appointed to manage your property on an ongoing basis can be expected to provide accounting records from time to time.
You must determine how often those records must be provided, whether on a monthly or annual basis and whether it must be submitted to yourself or another person if you are not available.
Follow the links below for free sample documents:
Real Estate Power of Attorney - form for a single real estate transaction
General Real Estate Power of Attorney - form form managing property on an on-going basis
Refer to our Power of Attorney Main Page page for the legal requirements for your documents and the various other free legal forms available, such as:
Free Real Estate Contract Forms are available to assist you or your Agent with property rental agreements, tenant screening etc.